One of the great benefits of joining a workplace pension scheme is you'll usually start to receive employer pension contributions, to help you build your pension savings.
Your pension contributions
a) Core Contributions
New employees are only eligible to join the Tata Steel Personal Retirement Savings Plan (PRSP) provided they have completed and returned the joiners form within 2 months of their initial appointment to Tata Steel UK Ltd.
The default core employee contribution rate is 3% employee and 3% employer contributions on pensionable earnings. As per the table on the screen you can choose to pay a higher level of core contributions and Tata Steel will also then contribute the level shown.
You will be able to change your core contribution rates on an annual basis. This will normally be available during a February to early March 'window' each year so that any changes can be processed for the April payroll run.
Contributions are based on pensionable salary which is defined as total earnings, subject to a pension offset and fixed cap of £158,712 per annum. The pension offset for 2019/2020 is £4,461. This means that contribution percentages are based on earnings above the pension offset value up to your total earnings or the fixed cap amount, whichever is lower.
b) Top up Contributions (TUCs)
In addition to your core contributions, you are also able to make TUCs. These payments are in addition to your core contributions but are not matched by any employer contributions. TUCs can be made either as a regular contribution or a one-off payment.
If you wish to make TUCs please contact Ask HR on 01639 872020 or askhrsscwest@tatasteel.com for a form. The form is also avaliable for you to print off on the Essential Documents tab of this website.
Contribution Information
| Employee Core Contribution | Employer Contribution |
| 4% | 4% |
| 5% | 5% |
| 6% | 10% |
Payments into your pension
SMART pension
You will automatically be enrolled into 'SMART' pension for both 'core' and TUCs (see details of the SMART pension in the essential documents section).
Taking part in 'SMART' pension is voluntary. If you wish to opt out of 'SMART' pensions and pay standard PRSP contributions instead, please contact askhrsscwest@tatasteel.com or telephone 01639 872020 for an opt out form.
Please be aware that the PRSP is classed as a Group Personal Pension, if you choose to opt out of SMART, then, if you pay more than the basic rate of tax you will need to complete a Self-Assessment Tax Return each year in order to claim the additional tax relief.
Investments
The money you have invested into your pension doesn't just sit there waiting for you to retire. Aviva pools your money with that of other investors and invests it with the aim of growing the size of your pension. Pooled funds are a way of putting sums of money from many people into a large fund spread across many investments. Funds are managed by investment professionals. Investing this way can be easier and less risky than buying shares directly and there are lots of funds to choose from. Please bear in mind that the value of your pension savings can go down as well as up and it may be worth less than the amount paid in.
To understand more about your investment options, please read the 'Your Investment Guide' document which you can download on the Documents page.
Further investment information is also available at aviva.co.uk/retirement/fund-centre/pension-funds/other-investment-options/.
Login
Manage your policies the easy way with MyAviva
- Access your pension through facial or thumbprint recognition.
- Check the latest value of your pension, update personal details and nominate a beneficiary
- Switch investment funds or transfer-in pension pots
- Make additional single payments in
You only need to register one pension plan to view any others you may have with Aviva.
State pension information
Could you afford to live on the state pension alone?
To receive the full amount, the new State Pension requires 35 qualifying years on your National Insurance (NI) record. You’ll usually need at least 10 qualifying years on your NI record to get any State Pension.
The full new State Pension is £230.25 per week, for the 2025/2026 tax year. For more detail please visit gov.uk/new-state-pension.
When can you claim the state pension?
The government is in the process of increasing the age at which you can claim the state pension. If you retire early and are only planning to rely on the state pension, you won't have any income from when you retire until you reach state pension age. To check your state pension age, please visit gov.uk/state-pension-age. When you come to retire the government may have changed their rules.
Will you get any other money from the government?
You might also be eligible for other benefits, such as pension credit. This is an income-related benefit which could top up the amount you receive each week. There’s more information about this on the gov.uk/pension-credit.
Tools
To help you with your retirement planning, we provide a range of planning tools so you can think about the kind of income that your pension savings could provide for you. You can look at the sort of pension pot you might have when you reach retirement and what impact making changes to your pension contributions could have.
Shape my Future
Can help give you an idea whether your potential retirement income will fund the lifestyle you want.
The Mid-Life MOT app
The Mid-Life MOT app provides a free check-up of your wealth, work and wellbeing. Our Mid-Life MOT app is a small investment of your time, but it could make a big difference. Designed for people in the UK between 45 and 60.
Retirement Spending Calculator
Discover how much you might spend during your retirement compared to your current spending and what sort of income you'd need to cover your costs.
Pension calculator
Learn more about the future of your pension plans and how long your money might last in retirement.
Contact us
Got a question? We are here to help
Contact your employer
Ask HR
askhrsscwest@tatasteeleurope.com
Contact your adviser
Aviva financial advice
0800 092 2585
Guidance and Advice
This site does not provide financial advice.
MoneyHelper
A good place to start is MoneyHelper, the government-backed free guidance service. The MoneyHelper service won't tell you what you should do, but they'll provide you with information to help you understand your options.
Contact an adviser
For financial advice please contact your financial adviser. You may be charged for this. MoneyHelper can help you find an adviser in your area.