It's important to understand your pension is a long-term investment so its value can go down as well as up and you could get back less than was paid in.

Laws and tax rules may change in the future. Your own circumstances and where you live in the UK have an impact on tax treatment.

Plan details

You are being offered the opportunity to join the DC Tier of the DXC Section of the DXC UK Pension Scheme. The Trustee has appointed Phoenix Life Limited, trading as Standard Life as the Scheme Administrator and to provide investment options for members.

You can access a handy new joiner checklist to get started - View the DXC Member Checklist

It's important you make an informed decision so you should read the key documents at the bottom of this page.

And you can find answers to common questions in our FAQs

 

Contribution options for this plan

You'll be able to change your contributions via DXC Select once you've joined this plan. DXC Technology will contribute to the scheme.

Please see DXC Select for further information about contribution rates, including the default contribution amount.

Member contributions above the limits detailed in DXC Select will be treated as Additional Voluntary Contributions.

How contributions are made

Contributions into your pension plan will be made by Salary Sacrifice. This means contributions will be taken from your salary before tax and National Insurance (NI) are calculated. You and your employer may pay less NI and you won't need to reclaim any tax relief from the government manually. It's important to remember that Salary Sacrifice isn't right for everyone. It's a change to your terms of employment and could affect your entitlement to state benefits or your ability to borrow.

You can see examples of how Salary Sacrifice could increase your pension contributions or your net take home pay in these documents:

You might be able to change the way you make contributions into your pension plan - please speak to DXC Technology to find out what your options are.

Pension allowances

There's a limit to the amount that can be paid into your pension plans each tax year without paying a tax charge - for most people this is normally 100% of your earnings, capped at £60,000. But in some circumstances - including if you have taken income from one of your pension plans - it could be lower. You can find out more about the Annual Allowance on standardlife.co.uk.

Lifetime allowance

Up until 5 April 2024 the Lifetime Allowance was the maximum amount of pension savings you were allowed to build up during your lifetime and take some of the benefits tax-free.

The limit for the 2023/24 tax year was £1,073,100 but could be higher if you are registered for any form of Lifetime Allowance Protection.

From 6 April 2024 onwards the Lifetime Allowance was replaced with limits on the tax-free benefits instead.

It’s important that you understand how these changes may affect your retirement planning.

Lump Sum Allowance and Lump Sum and Death Benefit Allowance

From 6 April 2024 onwards HMRC have placed limits on the amount of tax-free benefits that can be taken from pension schemes both during your lifetime and on your death.

The standard Lump Sum Allowance is £268,275 and the standard Lump Sum and Death Benefit Allowance is £1,073,100. These allowances reduce each time you take benefits.

If you hold one or more of the Lifetime Allowance Protections given by HMRC then you will be entitled to higher allowances that reflect this.

There’s more information on these allowances on standardlife.co.uk, and we’ve also created Questions and Answers to help explain the changes and you can visit the HMRC gov.uk/tax-on-your-private-pension.

These allowances aren't an issue for most people, but it's a good idea to check. For more information download our Guide to tax relief, limits and your pension.

Opting out

A company pension is one of the most rewarding ways to save for the future. But it's your choice and you can opt out if you want to.

You can't opt out until you join

You can only opt out after you've been enrolled into this plan by your employer. This is a government rule to encourage people to save into their pension plan. You'll be notified once you've been enrolled and will receive details about how to opt out at that point.

If you opt out you can still join later

Government rules may mean that you get auto-enrolled back into your company pension plan in the future. This normally happens every three years, but you can ask your employer if you'd like to join sooner. Though you may have to wait up to 12 months before you can join again. 

The downsides of opting out

If you opt out, you won't receive any contributions from your employer. You may also lose some of the tax benefits if you put your money somewhere else.

Investment choices and charges

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Understand how the money in this plan is invested, the options you have and the charges you'll pay.

Go to investment choices

brief case iconImportant documents

These documents will help you understand how this plan works, so you can decide if it's right for you. It's a good idea to keep or save a copy of each one.

Information about your pension

Guides about the DC Tier of the DXC Section of the DXC UK Pension Scheme.

These documents have been produced by the Trustees. Standard Life is not responsible for the content.

You can find out more about costs and charges in the DC Tier of the DXC Section of the DXC UK Pension Scheme on this dedicated page.

Useful form

Complete this form to nominate your beneficiaries for your Pension Account.