Pension Plan

Our way of helping to make saving for your golden years more affordable.

How it works

Our pension plan is provided by Legal & General and if you meet the eligibility criteria you will be automatically enrolled during your 4th month with us. 

You will join the pension plan on the lowest contribution level of 4% + 4%, unless you request otherwise.  This means you will put 4% of your salary into your pension and Anchor will match it by putting in an amount equivalent to 4% of your salary into your pension.  If you choose to put in more, Anchor will match it and put in a little extra, up to a maximum of 10% from Anchor. 

Employee ContributionEmployer ContributionTotal Contribution

You can contribute more than 8% but the maximum Anchor will contribute is 10%.

You can join our WorkSave Pension Plan as soon as you start working with us by raising a request in AskPayroll.

Pension rules introduced in 2013 mean you’ll be automatically enrolled in your fourth month of employment with us if you’re:

  • not already in the pension plan
  • aged 22 or above but below the state pension age
  • earning more than £10,000 a year.

Our Pension enrolment FAQs explain more about this process and opting out.

If you’d like to enrol sooner – call Payroll on 0345 604 6635 (Option 1) or submit an AskPayroll request on The Bridge.

Not eligible for auto-enrolment but would like to join the pension plan –  If you’re under 22 or earning less £10,000 a year you will not be auto-enrolled but you can still request to join the pension plan by calling Payroll on 0345 604 6635 (Option 1) or submitting an AskPayroll request on The Bridge.

What if I don’t want to save into a pension – There’s no way of avoiding enrolment if you meet the criteria above. But you can choose to opt-out within 30 days of being sent your Enrolment Notification Letter from Legal and General and you’ll be sent details on how to do this.

Government Pension legislation states organisations must reassess all employees for pension enrolment every three years. The latest reassessment took place in April 2022, which means you may be auto-enrolled again in April 2025 if you meet the criteria .

We’ll start to deduct pension contributions from your pay which then get added to your pension pot. We’ll also make an ‘employer’ contribution starting at 4 per cent, depending on your employment contract terms and conditions.  L&G will write to you once you have been enrolled and will send a welcome brochure and details on how to register for your online account (Manage Your Account) one they have received your first contribution payment (normally 4-6 weeks after joining). 

You can also save on your tax and National Insurance contributions if your pension contribution is taken through our SMART pension plan. This is because your contributions are taken out of your pay before tax and National Insurance are deducted. This is also know as Salary Sacrifice and is subject to earning levels as it can not reduce your hourly rate of pay to less than the National Minimum Wage rate for your age. 

Simply raise a request on the AskPayroll portal on the Bridge. 

Anchor operates a SMART pension plan as a way to increase the amount paid into your pension, without reducing take home pay.  You can read more about salary sacrifice and how SMART pensions work here. 

Please note SMART pension eligibility is subject to earning levels as it can not reduce your hourly rate of pay to less than the National Minimum Wage rate for your age.  If this applies to you, payroll will automatically make the adjustments for you. 

The value of your pension pot at retirement depends on how much paid in and how well the investments have done.  This handy calculator from the Government backed MoneyHelper service helps you calculate how much your Anchor pension plan contributions are worth.

Remember that investment returns are never guaranteed. So while there’s a chance your savings could grow, their value can also go down. This means you could get back less than you put in.

Complete this form to let Legal and General know who you would like your pension savings to be paid to in the event of your death.  You can find your plan number on correspondence from Legal and General or by logging into Manage My Account.  There is a short video here to show you how to nominate your beneficiaries – it is quick and easy. If you prefer you can download, print, complete and post this form back to Legal and General.

Register your policy here and log into ‘Manage your account’ view and make changes to your pension details.  There is a short video here to explain the quick and easy registration process.  Or take a look at this short guide.
Once you’ve set up your account you can:

  • see the value of your pension
  • review your investment choices
  • request a benefit statement
  • update your personal details
  • nominate a beneficiary.

Call the Legal and General Helpline, 0345 070 8686, for more information.

Legal & General have created a personalised two-minute video pension statement for every colleague with an Anchor L&G Pension Plan.   

In your video, you’ll be able to see how much you’ve saved in your pension so far, how much that could be worth at retirement and what annual income it could provide. 

Your video will be regularly updated and available to view any time you like in the future. Just log in to Manage Your Account, select your workplace pension plan, and choose ‘your pension video’ on the summary.  Forgotten your password?  Don’t worry you can reset it here 

If you are thinking of retiring, our Planning for Retirement page has information on the Anchor retirement policy and links and tips for a happy retirement. 

To find out more about how to draw (take) your Anchor L&G pension watch the short video ‘Step 4 – Arriving’ or contact Legal and General direct to discuss your options

Members of our pension plan can also access free webinars provided by L&G, covering things like general pension education, the run up to retirement for those over 45, financial wellbeing and responsible investing.

Legal and General have the Workplace DC channel which hosts Retirement Savings and Financial Wellbeing videos and recorded presentations designed for members of Legal & General’s Workplace DC Pension plans. Topics include general pensions education, pre-retirement planning, responsible investing (ESG) and financial wellbeing. 

Members of our pension plan can choose to stop paying contributions at any time.  Use the AskPayroll portal on the Bridge.

Remember if you stop your contributions, Anchor will stop making contributions too.

When you join the Anchor Pension Plan, your contributions are enrolled into the ‘default lifestyle strategy’ investment fund. The objective of the default fund is to provide long-term growth by investing mainly in global listed shares.  As you approach your target retirement age (you can change this by logging into Manage Your Account ), your funds are invested in lower risk options. 

Members of the Anchor pension plan do also have the option to pick their own investment funds.   If you wish to make any changes to your pension investments you can do this by logging into Manage Your Account or calling L&G on 0345 070 8686 (open between the hours of 8.30am and 7.00pm Monday to Friday).

Seek advice before making decisions about your pension.

If you’d like professional financial advice please visit for a list of advisers near you. Please note, advisers usually charge for their services.

You can also get free and impartial government guidance about your defined contribution pension options at or by telephoning 0800 138 3944

Your workplace pension, and other long-term investments, are valuable tools in your future financial planning, so it’s important not to make rash financial decisions.  You can visit the L&G Anchor microsite for more information here –