Your pension journey starts here
You are currently a member of Afterwork. During March, you have the option to leave Afterwork and switch to the Barclays Pension Savings Plan (BPSP). This is a voluntary option. If you wish to stay in Afterwork, you do not need to do anything and you will continue to build up retirement savings in exactly the same way as you do now. However, if you wish to explore your pension option, we have developed a number of educational tools to help you on the journey.
There is no right or wrong pension plan. Both plans will help you reach your retirement savings goal, but via different routes.
Each of the sections on this website will provide you with helpful retirement savings information. It is important that you read the sections carefully and take a look at all of the information and tools available to ensure you really understand your retirement savings options and what is right for you. Please be aware that the information given about the level of contributions to the BPSP and the life assurance and income protection benefits only applies if you switch to the BPSP during the My Rewards renewal in March, not at any other time of the year.
Changes to UK pension tax allowances from April 2016
From April 2016, the Annual Allowance and Lifetime Allowance were reduced. These allowances determine how much tax relief you receive on your retirement savings. You should take the changes into account when exploring your pension option. If you think you may be impacted by the Annual Allowance or Lifetime Allowance read the Pension tax allowances document on the pensions website, ePA.