LifeSight offers you a tax-efficient way of saving for your retirement, with generous employer contributions for most employees, plus substantial life cover.
How it works
Both yours and Santander's contributions are paid into a pension account, which is then invested with the aim of making it grow. When you want to withdraw your benefits (any time from age 55 onwards), you can select from the following:
- Taking up to 25% of your account as a tax-free cash sum
- Buying an annuity (a pension), usually payable for life, from an insurance company
- Withdrawing cash from your account whilst leaving the balance invested so it can continue to grow (or taking it all as cash).
- You'll receive generous contributions from Santander
- You don't pay tax on the portion you contribute to the pension scheme
- There are a range of investment funds to choose from.
- Ongoing governance by a dedicated trustee board
- Death-in-service cover of ten times your pensionable salary for most employees, paid tax-free.
- A retirement service which provides support when you buy your annuity, and helps you to understand the options available.
Click here for a Scheme Summary.
How to join
Most employees are automatically enrolled into the plan three months after joining Santander, unless they choose to opt in beforehand.
Once you are enrolled you can choose to:
- Change the contributions you make to the plan
- Change the funds your account is invested in
- Nominate beneficiaries for your death-in-service lump sum
- Opt out of the pension scheme*
* You will be eligible to rejoin 12 months after opting out.