As a member of the Scheme you pay contributions into your individual retirement account and HBOS makes additional contributions on your behalf.
When you retire, your individual retirement account is used to buy a pension for the remainder of your life, plus a number of other optional benefits.
The size of your individual account when you retire depends on:
- how much has been paid in by you and by HBOS
- where you chose to invest your money and the type of investments utilised
- the return that these investments provided
The amount of your pension you receive depends on:
- the size of your individual account
- whether you have decided to take a tax-free cash sum
- the cost of buying the pension of your choice
Use the HBOS Pension Planner to see what your pension might look like when you retire.
