Why have a pension?
Depending on how many years you’ve worked and paid national insurance contributions, you might get a State Pension. The State Pension will probably only cover basic needs, and is payable from State Pension Age. State Pension Age is going up – so that people working today might need to wait until they are 68 or even older to get their State Pension.
If you want more than that when you retire, or you want to stop working sooner, you’ll need to start putting money aside now. The good news is that the Co-op is here to help you save by paying into your account too. You also get tax relief on your contributions, and national insurance savings, so being a member of Pace DC may cost less than you think.
You can use the Pace DC pension modeller to see how much it will cost you to join Pace DC and how much you might be able to build up in Pace DC, if you joined now.