The Discovery Pension Plan
See how your pension works and manage your long term savings.
Important information - The performance of your pension savings plan is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. Should your plan have particular tax features, these will depend on your personal circumstances and all pension and tax rules may change in the future.
This website does not contain any personal recommendations for a particular course of action, service or product. If you are unsure of the right approach for you personally, you should speak to an authorised financial adviser. The minimum age you can normally access your pension benefits is currently 55 but is due to rise to 57 on 6 April 2028.
You should regularly review your retirement objectives and choices and, if you are unsure whether the investments in your plan are suitable for you, you should contact an authorised financial adviser. Please read your Key Features Document which can be found in PlanViewer which contains important information about your plan investments, charges and risks.
FAQs
This Q&A section provides information and answers to some of the most commonly asked questions about workplace pensions.
A pension is a tax efficient way of saving for your retirement. You and your employer can contribute and there is also tax relief on your contributions from the government. For more information, please click here to find out all about your workplace pension.
As a member of a workplace pension administered by Fidelity, you can leave it up to the experts to make investment decisions for you or self-select and manage your investment choices yourself. For more information, please click here to find out more about investing your workplace pension.
No. The Discovery Pension Plan is not a final salary or ‘defined benefit’ (DB) arrangement. It is a ‘defined contribution’ (DC) plan. If you have a final salary/DB pension plan from previous employment, you may like to find out more about those types of retirement savings plans by clicking here.
The contributions paid by you and your employer will be initially invested for you in the Plan’s default option, which is called FutureWise. If you wish, you can change this and make your own investment choice by self-selecting investment funds from the range available.
You can change your investments by using PlanViewer (once registered) or by calling Fidelity’s Workplace Investing Service Centre on 0800 3 68 68 68. Please click here to find out all about investing your workplace pension.
Yes – The annual allowance is the limit on how much you can save into your pensions each tax-year while still benefiting from tax relief on your contributions, any employer contributions and any contributions made on your behalf by someone else. Find out more about annual allowance.
The tapered annual allowance further limits the amount of tax relief high earners can claim on their pension contributions by reducing the annual allowance. Read more about how this might affect you and the steps you can take to make your contributions more tax-efficient. Find out about tapered annual allowance.
Once you begin taking taxable money from your pension pot using pension freedoms, generally you will be subject to a reduced annual allowance that limits the tax relief that you can receive on future contributions. Find out more about how and if this might affect you. Find out about money purchase allowance.
To understand costs associated with investment strategy and how this may affect your pension value, please click here.
For specific costing information around your pension savings account, please log in to PlanViewer and refer to the appropriate fund fact sheets for your investments.
Over your working life, you may build up savings in several pension plans. This could be through changing jobs, leaving employment or switching to a personal pension. When this happens you have different options to consider. It's important to understand that pension transfers are a complex area and my not be suitable for everyone. For more information, please click here to find out all about transferring your other plans.
Once you have registered for your PlanViewer account, you can use it to access your transfer in form in the forms and documents section.
If you leave your job, any contributions being paid into your workplace pension will stop. Your pension will remain invested until you’re ready to take your benefits. The minimum age you can normally access your pension benefits is currently 55 but is due to rise to 57 on 6 April 2028. It will still be up to you to decide what you want to do with it in the meantime. You may want to work out how much you need to save for your retirement before you decide what to do.
Your plan for your retirement will depend on how much you have saved, your age when you want to retire and the type of retirement you want to enjoy. We can help you to understand what you might need to support the retirement you want; whether you’re on track for it; and what income options might suit you. For more information, please click here to find out all about planning for your retirement.
Our tools and calculators can help you work out how healthy your finances are today, and give you an idea of how much you may need to save for tomorrow. For more information, please click here to find out all about planning for your retirement.
PlanViewer is your secure 24/7 online pension account. You can view your account balance which is updated daily, contributions paid in by you and your employer plus fund fact sheets are available, you can switch investments and transfer pensions online and the latest versions of your plan literature. You can access it via desktop or the app. For more information, please click here to find frequently asked questions about managing your pension account.