Welcome to the Workday Retirement Savings Plan
See how your pension works and manage your long term savings.
With simple navigation to tools and guides, on demand videos, FAQ’s for our most asked questions, and where to find further information, this Information Hub has been designed to help you:
- Plan ahead for your future retirement, even if it’s a long way off
- Access your Workday Retirement Savings Plan account, so you can manage your pension 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 savings is currently 55, and is due to rise to 57 on 6 April 2028, unless you have a lower protected pension age.
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 visit ‘Your Investments’ on PlanViewer where you can find 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 visit our page all about your workplace pension. Tax treatment depends on personal circumstances and all pension and tax rules may change in the future.
There is a 'Your Plan Explained' booklet and an 'Fund Range Information' leaflet available on PlanViewer to help you navigate everything you need to know about the Workday Retirement Savings Plan.
These documents are quite detailed and cover, 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 a member of the 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.
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 all about your workplace pension and go to PlanViewer to see the investment options available.
No. The Workday Retirement Savings 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 pension plan from a previous employment, you may like to find out more about those types of retirement savings plans here.
Your contributions are automatically invested for you in the Plan’s default option, which is FutureWise. If you wish, you can change this and choose your own investment choice by self-selecting investment funds from the range available. Please remember that as with all investments, the value of your pensions savings can fall as well as rise. For more information, please click here to find out about investing in your workplace pension.
The default is that you and Workday both contribute 6% of your basic salary so a total of 12% is paid into your pension.
For more information on the contributions made by you and Workday, read your 'Contributions explained' booklet which you can find in the 'Forms & documents' section in PlanViewer using the 'Quick Links' from the home page.
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 the annual 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.
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 savings 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 on our Money purchase annual allowance page.
The only costs you pay are the ongoing charges on the funds you are invested in, which apply to both the default, FutureWise, and Self-select options, and the transaction costs.
The ongoing fund charges include the annual management charges and other charges such as auditing and registry fees, which are combined into what’s called a total expense ratio (TER) for each fund. This is expressed as a percentage, which shows the amount you pay for the fund each year. For example, investment in a fund with a TER of 0.20% would mean a charge of £2 for each £1,000 invested a year.
Meanwhile, the transaction costs cover the costs involved in buying and selling a fund’s underlying investments.
They are all included in the unit price and for details of the amount and impact on Workday Retirement Savings Plan, please visit our costs and charges page.
For specific costing information on the fund or funds you are invested in, please login to PlanViewer and refer to the fund factsheets.
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. For more information, please visit our page on moving pensions. It's important to understand that pension transfers are a complex area and may not be suitable for everyone.
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.
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 planning 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. For more information, please visit Pension Wise (which is now part of MoneyHelper) and our planning for your retirement pages.
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.
PlanViewer is your secure online pension account. You can view your account balance which is updated daily, contributions paid in by you and your employer. You can also find information about the investments available on the fund factsheets, switch your investment choice and transfer pensions online, and view the latest versions of the Plan's literature. You can access it via desktop or the App.