There are various ways in which you can pay more into your Plan pension. You can:
- consider switching to the Money Purchase 2003 (MP03) Section if you are in the Auto Enrolment (AE) Section, as you will have the opportunity for higher contributions. To switch, just go to Pearson Benefits - This link opens in a new browser window and select the MP03 Section.
- increase the percentage you pay each month if you are in the MP03 Section, up to the maximum, as Pearson will pay in double what you do. Contribution changes are made through Pearson Benefits.
- pay Additional Voluntary Contributions (AVCs)* if you are an active member of the Plan.
- consider increasing your Selected Retirement Age (SRA) if you in a Defined Contribution (DC) section, so that your pension pot has more time to grow. You can do this by completing the Selected retirement age form.
- visit MyWorkplace – This link opens in a new browser window if you are in a DC Section or have AVCs, to view and change your investment options.
Remember, pension contributions are tax-free, providing you do not exceed the Annual Allowance.
*Additional Voluntary Contributions (AVCs)
AVCs are a great way to pay more into your pension pot if you are already paying the maximum amount of normal pension contributions. Pearson do not contribute towards AVCs.
As long as you are a member of the Plan, you can change, stop or start your AVCs at any time by amending your selection in Pearson Benefits - This link opens in a new browser window. Any change requests usually take effect from the next month. As with your normal contributions any AVCs you make are tax-free, providing you are under the Annual Allowance limit. You may also pay reduced National Insurance contributions if you choose to make your contribution through Salary Exchange.