The Scheme

Welcome to the website for the TSB Pension Scheme (the Scheme). As a member of the Scheme, you recognise the importance of saving for the future and how your pension can help to support you in retirement.

So, how does the Scheme work?

You control how much you contribute, how your pension pot is invested, and what you do with your benefits when you retire. This website aims to guide you through these decisions, helping you map out your route to retirement.

Whilst there are some milestones that we'll all experience during employment, ultimately each person’s path is individual to them. The Scheme is flexible, giving you different options depending on the life events you may experience along the way.

Map to retirement



On the day you join TSB we’ll automatically enrol you into the Scheme. To read more about this see Joining.


Change Contributions

You can change your contributions at any time. For more information visit Contributions.


Marriage/civil partnership

Getting married or entering into a civil partnership may mean you’d like to change your beneficiary (or beneficiaries). To let the Trustee know who you'd like to receive any benefits when you die, update your Nomination form.



Being promoted gives you a good opportunity to review your finances. Take a look at what difference a pay increase could make to your pension pot by visiting Planning tools.


Your Normal Retirement Age is 65, unless your employment contract states otherwise. If TSB agrees, you can retire at any time after age 55, or take flexible retirement. See Planning for more information.

Ill Health retirement

If you’re ill and you have to leave TSB, it may be that you're able to receive ill-health retirement benefits. See Ill health to find out more.


You can normally remain a member of the Scheme if your absence from work is authorised. You’ll stop being an active member of the Scheme if you leave work under the TSB Career Break policy. Any life cover will cease and all contributions to your account will stop.

For more information, take a look at the Career Break Policy.


If you’re going through a divorce or dissolution, you can expect your pension benefits to be included in the joint assets. It’s possible that the Court will issue a pension-sharing order and award a share of your account to your ex-spouse or ex-registered civil partner.

You can read notes on your retirement benefits and divorce to find out more.


If you die while you're an employee of TSB, the following benefits will be payable:

  • A cash lump sum (known as life cover) of four times your basic pay (we'll pay this even if you don’t contribute to the Scheme).
  • The value of your retirement account.
  • An additional cash lump sum of four times your basic pay may be paid at the discretion of TSB if you have a qualifying dependant.

If you die after leaving the Scheme but before you start receiving your pension, the value of your account will be paid as a lump sum.

Any lump sums are paid to the Trustee, which means the lump sum can be paid free of Inheritance Tax. The Trustee will then decide who to pay the lump sum to, taking your wishes into account. To let the Trustee know your wishes, complete a Nomination form.


If you leave TSB, the benefits you’ll receive will depend on how long you have been a member of the Scheme. Have a look at Leaving to find out what you may be entitled to.

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