The Santander Retirement Plan

The Santander Retirement Plan 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
  • Transferring all your money to another pension provider who will let you withdraw cash from your account whilst leaving the balance invested so it can continue to grow.  

Key features

  • You'll receive generous contributions from Santander 
  • You don't pay tax on the portion you contribute to the Plan 
  • There are a range of investment funds to choose from. If you don't make an active fund selection, your contributions are invested in the Autopilot Fund.
  • 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.
View the Santander Retirement Plan Benefits guide and investment guide.

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 plan*

* You will be eligible to rejoin 12 months after opting out.

The Retirement Service

The Retirement Service is designed to help you get the best value for your account. This means:
  • Helping you understand your options and the different types of annuity available, and
  • For whatever type of annuity you choose, finding a competitive deal
Click here for further information about the Santander Retirement Plan. This section is available to employees only.