Group & workplace pensions explained

These are likely to be pensions that are administered by your current (or a previous) employer. These workplace pensions are split into two different types of schemes:

Defined contribution, or money purchase, scheme

If you’re in one of these schemes, money paid into these is invested and could go down as well as up. This means the final value of your pension pot will depend on how much you’ve paid in, and performance of the funds you invested in (or the performance of the with-profits fund if you’re a with-profits customer).

If you want to know more about what you can do with your pension when you come to take your money you should read about your retirement options.

Defined benefit, or final salary, scheme

If you’re in one of these schemes, the money you pay in is used to provide an income that’s normally based on your length of service and salary at time of retirement. It used to be the case that most workplace schemes were defined benefit. However, they are now less common and opportunities to begin paying into one are relatively rare.

Safeguarded benefits

If you have a final salary pension, a Guaranteed Minimum Pension, or a pension with a Guaranteed Annuity Rate these are known as safeguarded benefits. It is important to note that in most cases, these benefits will be lost if you choose any retirement option other than taking an annuity with your existing pension provider. If you’re not sure whether you’ve got one of these pensions you can find out from your most recent annual statement.

Find out more about safeguarded benefits >

How we apply your terms and conditions

You can download a guide to help you understand your policy Terms and Conditions, which explains how these are interpreted in practice.

Download our guide to our terms and conditions

Are you a scheme trustee?

New rules means there are more things you need to tell your members.

Find out more about trustee duties

Auto enrolment

If your auto enrolment scheme transferred from Legal & General, you can find supporting information and useful links for both employers and employees using the link below.

ReAct for pension schemes

ReAct is our administration portal for schemes that were originally with HSBC or Legal & General. If you’ve registered to use ReAct, you can access it using the link below.

Download Forms

To give you the right options please select your original policy provider below

Fund prices

You can find out more about funds here

Getting help

ReAssure is unable to provide financial advice or make a personal recommendation, but we can provide you with factual information about your policy and your options.

However, there are places you can go for help.