Why have a pension?

A while back, the government decided that all employers had to provide a workplace pension for their employees, and contribute towards that pension. Your employer has chosen NOW: Pensions to run the workplace pension at your company.  Watch this short video to find out more about how this benefits you.

Why have a pension

You may already know that pensions are a very tax-efficient way of saving. If you are an income tax payer, any tax you would normally pay on contributions you make into your pension is added to your pension pot by the government.

Your employer contributes too

While you are saving with NOW: Pensions, your employer may also contribute into your pension pot. This money is put into your personal pension account and is in addition to your normal pay.

Tax-free growth on your savings

You might also like to know that any growth in the value of your pension between now and your retirement will not be taxed. So, your pot will grow tax-free, regardless of your own tax position. You only pay tax on your pension savings when you take them as an income.

Automatic tax relief on your contributions

NOW: Pensions operates a net pay arrangement. This means that your pension contributions are collected before income tax. So, if you’re a basic rate tax payer and you want to contribute £75 a month to your pension, £60 of your contribution comes directly from your pay, the additional £15 is the tax you would have paid on your £75 contribution. This means for income taxpayers, full tax relief at the highest rate is applied automatically and no income tax is paid on the contributions to your pension.

If you do not pay income tax you may be eligible to receive our top up  -   you can find more information about this here.






Our broker recommended NOW: Pensions, as they believed it would be our best option. We have not been disappointed, the NOW: Pensions customer support teams are great and always available. — Bromborough Paint & Building Supplies Ltd
NOW: Pensions was attractive to us because the staff were very helpful and they sent over all the information required. This made the decision easy. — Metro Surveillance Group Ltd
NOW: Pensions has a good technical infrastructure combined with a pension product suitable for our team. We couldn’t be happier with NOW: Pensions. — Martin Woods, SALT.agency
I am backing NOW: Pensions, the ATP project, because I believe it will encourage transparency, low costs and decent returns for millions of British employees. — Nigel Waterson, former Shadow Pensions Minister
There is a need for a member-centric solution designed for ease of use with low costs and cutting edge investment strategy, which delivers long term stable returns. ATP’s in-house investment capabilities, combined with our novel and innovative approach, allow us… — Lars Rohde, Governor of the National Bank of Denmark and Former CEO of ATP Group