How it works?

The Sky Pension Plan is what is known as a Defined Contribution or Money Purchase Plan. You and Sky make payments to the Plan. Those payments, your pension savings, are held in an account in your name – your individual account – and invested. At retirement, you use your individual account to fund yourself in retirement.

The value of your individual account when you come to take it at retirement depends on a number of things.

  • The amount of money paid in
    The more that’s been paid in, hopefully the greater the value of the account when you come to use it.
  • How your investments have performed
  • The age at which you choose to take it - the Normal Retirement Age (NRA)
    The age for taking your individual account, is 65. You may be able to take it earlier or later, and may have already told us you have chosen a different age. The later you choose to take it, the more chance it has to grow.

When you come to take your individual account, you have a number of options as to how to use it.

Click here to read about these options.