The nuts and bolts

The Sainsbury’s SIPP is part of Legal & General’s WorkSave Pension Plan – an ‘umbrella’ arrangement which is open to employees of many different companies. However, the pension pots of Sainsbury’s employees are kept separate from the pension pots of other employers.

The Sainsbury’s SIPP is a ‘defined contribution’ pension scheme. This means you build up a pot of money by paying in regular contributions. Sainsbury’s also pays contributions into your pot. Your pot is invested, with the aim of helping your pension grow faster.

From the age of 55, you can take the money in your pot and use it to provide you with an income, cash lump sums or a combination of both. You don’t have to stop working to take your money. Generally speaking, the longer you leave your pot to continue building up, the more money you will have to live on in retirement.

Before making decisions about how to invest your pension pot, you should spend some time reading through the documents and tools on Legal & General’s website. You can also pick your own funds or strategy from the wide range of options available through Legal & General. You can switch your investments at any time via Manage Your Account.