AA Worksave Pension Plan
To become a member of AA Worksave Pension Plan, you need to join within 12 months of joining the Company or within your window of opportunity from the date of your first invitation to join. After that, you may still join but your death in service benefits may be restricted. Please note, your contract of employment will determine whether you are eligible to join the AA Worksave Pension Plan.
The AA Worksave Pension Plan is a Defined Contribution (Money Purchase) pension arrangement. Both you and the Company pay contributions into ‘your pot’. The contribution rates both you and the Company pay are as follows:
- You can choose to pay 4% or 5% or you may elect to pay a higher contribution rate.
- The Company will pay 6% if you are paying 4%, 7% if you are paying 5% or more.
The benefits of the AA Worksave Pension Plan include:
- Retirement income that can be taken at anytime between the ages of 55 and 75 (subject to current legislation).
Note: The amount of your eventual retirement income is not guaranteed and depends on the value of your pension fund at retirement and how you choose to use your fund at that time.
- A wide choice of funds available to invest in with the freedom to switch between them.
- 4 x your salary plus a return of your fund on death.
Click here to visit the Legal and General Worksave Pension Plan website, where you will find a video and more information.
Please note that the AA Worksave Pension Plan is a totally separate pension arrangement and does not form part of the AA Pension Scheme. Also the Company will not make contributions to more than one scheme at a time.
If you would like to join the AA Worksave Pension Plan please complete the Application Form and Expression of Wish Form below:
|Worksave Expression of Wish Form|
|Worksave Application Form|
|Change of Contribution Form|