Direct Line Group Personal Pension Plan

A pension is long-term savings plan that allows you to build an income for when you retire or want to work less. 

Your workplace pension is a defined contribution arrangement. This means that you have your individual pot of money, where you, your employer and the Government, through tax relief, contribute directly into it. The money is invested and at retirement, your pot will be used to provide an income. Your retirement options are very flexible which allows you to pick what kind of income is right for you.

There is a ‘Key Features Document’ to help you navigate everything you need to know about the Plan. Here you’ll find all the important information you need to help you decide whether the Plan is right for you.

This document is quite detailed and covers, for example, the aims of the Plan, the risks involved and the investment choices available to you. We also let you know how you can access your pension savings when you decide to take them and give you some examples of what your pension might be worth. We have had to use a few technical words but we’ve provided explanations through the document.

It’s easy to become part of your employer’s pension plan. In fact in most cases, it’s all done automatically to help you better prepare for your retirement. For more information, please visit our page explaining your workplace pension.

Your contributions are automatically invested for you in the Plan’s default option, which is the Direct Line Drawdown Lifestyle Option. If you wish, you can change this and choose your own investment choice by self-selecting investment funds from the range available in PlanViewer. Please remember, whether you use the Plan's default option or self select funds, the value of the investments will go down as well as up.

No, although there is a limit on how much you can save into your pension arrangements each tax-year while still benefiting from tax relief on your contributions, your employer's contributions and any contributions made on your behalf by someone else. Find out more about the 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 about money purchase allowance.

The lifetime allowance is set by the government to limit how much you can build up in pension benefits over your lifetime while still enjoying full tax benefits. We can help you understand more about how you can manage this allowance to maximise the tax efficiency of your pensions. Find out more about lifetime allowance.

To understand costs associated with the investment strategy and how this may affect your pension value, please use our costs and charges page and search for your plan.

Over your working life, you may build up savings in several pension pots. This could be through changing jobs, leaving employment or switching to a personal pension. When this happens you have different options to consider. For more information, please visit our page on moving pensions.

You can start your online pension transfer by logging in to PlanViewer.

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 (normally from age 55 onwards(57 from 2028)). It will still be up to you to decide what you want to do with it in the meantime. Keep in mind that the value of investments can fall as well as rise.

You can leave your pension savings invested where they are or you can normally transfer them into any other UK-registered pension scheme. For more information please visit our page on transferring out.

Your retirement plan will depend on 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. Find out all about planning for your retirement.

Our tools and calculators can help you work out how healthy your finances are today, and how much you should be saving for tomorrow. Find out all about planning for your retirement.

When you join the Plan, you can register for access to PlanViewer, your secure 24/7 online pension account - it's a bit like online bank but for your pension.

Once registered you can access PlanViewer directly via Workday or the PlanViewer App, to view your account balance which is updated daily, contributions paid in, you can switch investments and transfer pension online and view the latest version of your plan literature and fund factsheets. 

To register you'll need:

• Your Fidelity Reference Number, which you can find on letters that we've sent you
• Your National Insurance Number
• Your personal email address