You can choose how much you contribute towards your pension. On top of your contribution, TSB will also make company contributions and you could even benefit from Income Tax relief/National Insurance savings.

What you pay

You can choose to contribute any amount of your basic pay to your pension pot. These contributions are taken from your salary each month and invested on your behalf in your chosen investment option. You can change your contribution amount at any time and as often as you like, by visiting the Flex website.

As well as your regular monthly contribution, you can also make single one-off payments by completing an Additional contributions lump sum payment form.

What TSB pays

If you choose to contribute between 3% and 5% of your salary into your pension pot each month, then TSB will also make a contribution on your behalf.

Increase your contribution rate:

You choose a core contribution rate of: 3% 4% 5%

You pay: 3%

What TSB pays: 8%

Total: 11%

If you choose to contribute an amount higher than 5% to your pension pot each month, then TSB's contribution stops at 13%.

If you don't let us know what percentage of your salary you want to contribute each month, we'll automatically enrol you in the Scheme with a 3% core contribution from you, and an additional 8% contribution from TSB.

If you have several pension pots and had considered the idea of having them together in one place, it may be that you can transfer pension benefits from another arrangement into the Scheme. These transferred-in funds will be treated as an additional contribution and you'll be able to decide how they are invested.

If you don’t choose how your contributions are invested, they’ll be invested for you by the Trustee using a specific version of LifePlan.

If you're an Income Tax payer, you'll receive tax relief when you pay into the Scheme, or if you have contributions paid on your behalf through SmartSaver. For every £1 you pay, your take-home pay will only reduce by 80p (2014/15 tax year), or less if you are a higher-rate taxpayer.

You can also benefit from National Insurance (NI) savings through SmartSaver. This way, TSB makes contributions on your behalf instead of you making contributions directly to your account. Your pay is then reduced by the value of those contributions, which means you benefit from NI savings and increase your take-home pay.

See the SmartSaver tool for more information.


Michael earns £2,500 a month and contributes 3% (£75). He participates in SmartSaver, which means he receives NI savings and tax relief. TSB pays an additional 8% (£200) into his account. After allowing for tax relief and NI savings, Michael gets £275 invested in his account which only costs him £51 a month.

Example of contributions based on monthly basic pay of £2,500:

Your contributions graph

Note: If Michael invested the same amount in his account but didn’t participate in SmartSaver, he wouldn’t receive the NI savings.

The maximum level of contributions receiving Income Tax relief is limited by Annual Allowance (AA).

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