FAQs
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"Why has my pension gone down in value?"
When you or your employer contributes to your pension, we invest it in your selected fund(s). Depending on the fund performance your pension can go down as well as up.
"How much should my employer contribute?"
Your employer has to pay a minimum of 3% on what’s known as qualifying earnings into your pension savings.
"How long does it take to get the tax relief from HMRC?"
If your employer is using the ‘net pay arrangement’ method where your contributions are taken from your pay before tax, you’ll get your full tax relief straightaway.
"Are there any restrictions on taking a tax-free lump sum with us?"
Find out more about taking your tax-free lump sum with People’s Pension.
"Are there charges for withdrawing my pension savings?"
No. We don’t charge if you decide to access your pension.
"Can I change my contribution amount online?"
If you’re currently making payments into your scheme via Direct Debit, please contact us to amend the amount you are paying in.
"Can I reduce my contributions?"
You can ask your employer if they’re able to organise for you to reduce your contributions instead, to below the minimum contribution levels.
"Can 2 pensions with 2 different account numbers be merged into one?"
You may end up with 2 different customer numbers because of your employer incorrectly entering your details into our system.
"How do my pension contributions show on my online account transactions?"
For the first 42 days, we hold your contributions for you but don’t invest them. This is so we can refund you if you opt out of the scheme in the first month.