In addition to reading the comparison below, you should also read the additional information provided and consider consulting an impartial financial adviser before making a decision to switch out of Afterwork.

How do the plans work?

  • Afterwork

    You contribute 3% of your Pensionable Salary each month. In return, Barclays provides a credit of 20% of your Pensionable Salary to the Credit Account each month (available at Normal Retirement Age). Your Credit Account also receives annual inflationary and discretionary investment-related increases. If you wish, you can also contribute to the Investment Account and Barclays will match your contributions up to 3% of your Pensionable Salary. Your Investment Account is invested in your choice of funds and builds up through contributions and any investment returns. When you decide to access your retirement savings, generally after age 55 (expected to rise to age 57 from 2028), your Credit Account and Investment Account are added together, and your Total Account is used to provide your choice of retirement benefits. Remember, if you choose to take your Credit Account before the Normal Retirement Age (usually 60) it will be adjusted (usually reduced) to take account of its early payment.

  • Barclays Pension Savings Plan

    Barclays provides funding for at least 10% of your Basic Salary up to the internal earnings cap (currently £125,000) to your pension account each month. If you wish, you can also contribute by making additional contributions, or you can reduce the Barclays pension contribution (subject to a minimum contribution of 5% (7% if you are in grades BA1-BA4) or £4,000 if lower) and take the balance as cash or use it to choose other benefits. If you choose to take the balance as cash, it will be paid with your salary. It will be reduced by the amount of National Insurance Barclays is required to pay on cash payments and will also be subject to your own personal income tax and National Insurance. Your pension account is invested in your choice of investment funds and builds up through contributions and investment returns. At retirement, it is used to provide your choice of retirement benefits.

    If your basic salary is above the internal earnings cap, you will receive cash in lieu of pension on your basic salary above the internal earnings cap (at a rate to be determined by Barclays at its sole discretion and notified to you from time to time).

How much does Barclays contribute?

  • Afterwork

    To your Credit Account*
    Barclays provides a credit of 20% of your Pensionable Salary to your Credit Account each month (available at Normal Retirement Age). Your Credit Account also receives inflationary increases up to 5% a year and discretionary investment-related increases up to 2% a year.

    To your Investment Account
    Barclays matches your contributions to the Investment Account up to 3% of your Pensionable Salary.

    *Important note
    A credit is not the same as a contribution. Barclays does not contribute 20% of your Pensionable Salary to your Credit Account – it promises to provide you with a guaranteed sum at your Normal Retirement Age (60) equal to your Credit Account.

    If you are a legacy member who does not currently contribute to Afterwork, Barclays provides a credit of 10% of your Pensionable Salary to your Credit Account.

  • Barclays Pension Savings Plan

    If you choose to leave Afterwork and switch to the Barclays Pension Savings Plan (BPSP) during the My Rewards renewal, Barclays pension contribution will depend on your age when you choose to join the BPSP and will then be fixed at that level, i.e. it will not increase as you get older.

    Age at joining
    the BPSP
    Barclays pension contributions as
    a % of your Basic Salary*
    20 to 29 13%
    30 to 39 14%
    40 to 49 15%
    50 to 54 16%
    55 to 70 17%

    * Basic Salary means your basic salary up to the internal earnings cap (currently £125,000).

    For example, if you are age 27 and you choose to switch to the BPSP, Barclays’ annual contribution would be fixed at 13% of your Basic Salary. If you are age 45 and you choose to switch to the BPSP, Barclays’ contribution would be fixed at 15% of your Basic Salary.

    These age-related contribution rates have been set so as to broadly reflect the cost to Barclays of providing the Afterwork Credit Account benefit (see Important note in Afterwork column). The rates shown are the current rates. They are not guaranteed and are subject to change at the discretion of Barclays.

    If you do not currently contribute to Afterwork then if you switch to the BPSP Barclays pension contributions for you would be paid at the level appropriate to your grade (12% of your Basic Salary* if you are in grades BA1-BA4, 10% of your Basic Salary for other grades).

    If you leave Afterwork and join the BPSP other than during the My Rewards renewal, a different contribution rate will apply to you.

How much do I contribute?

  • Afterwork

    To your Credit Account*
    You contribute 3% of your Pensionable Salary to your Credit Account each month.

    To your Investment Account
    You are not required to contribute to the Investment Account. If you choose to contribute, you can contribute as much as you wish and Barclays will match your contributions up to 3% of your Pensionable Salary.

    *Important note
    If you are a legacy member who does not currently contribute to Afterwork, Barclays provides a credit of 10% of your Pensionable Salary to your Credit Account.

    Your contributions are made via salary sacrifice unless you have specified otherwise.

  • Barclays Pension Savings Plan

    You are not required to contribute anything, but you can contribute if you wish by making additional contributions. If you choose to pay contributions, these are made via salary sacrifice unless you have specified otherwise.

Does Barclays match my contributions?

  • Afterwork

    Yes. If you choose to contribute to the Investment Account, Barclays will match your contributions of 1%, 2% or 3% of your Pensionable Salary. So if you contribute 3% to the Investment Account, 6% will be paid in (3% by you and 3% by Barclays).

  • Barclays Pension Savings Plan

    No. However, if you choose to make additional contributions through salary sacrifice, you will benefit from the Pension Boost where Barclays tops up any contribution you make by around 13% of the amount you contribute*. So if you make a contribution of £100, £113.80 will be paid into your BPSP account (your £100 contribution plus an additional £13.80 NI saving passed on by Barclays).

    * Pension Boost – when you make a pension contribution by salary sacrifice the amount of National Insurance Barclays has to pay is reduced. Barclays gives this saving (which is currently 13.8% of the amount you contribute) to you as an additional contribution into your pension account. For example, if you contribute £100 per month, the Pension Boost would increase this to £113.80 at no additional cost to you. Don’t forget, you may also save income tax and National Insurance if you pay into your pension savings via salary sacrifice. If you are entitled to full tax relief on your contributions, the total contribution of £113.80 only actually costs you £68 (if you are basic rate tax payer), £58 (if you are a higher rate tax payer) or £53 (if you are an additional rate tax payer). See the Pension tax allowances document on the pensions website, ePA, for more details about the Annual Allowance.

Can I increase or reduce my Barclays contributions?

  • Afterwork

    No. But you can start contributing to the Investment Account and Barclays will match the first up to 3% of your Pensionable Salary. You can change the contribution you make to the Investment Account at any time. You should consider your position against the Annual Allowance and Lifetime Allowance. If you think you may be affected by the Annual Allowance or Lifetime Allowance please refer to the Pension tax allowances document on the pensions website, ePA.

  • Barclays Pension Savings Plan

    Yes. You can increase or reduce Barclays’ pension contribution (subject to a minimum pension contribution). If you reduce Barclays’ contribution you can take the balance as cash or use it to choose other benefits. The minimum pension contribution is 5% of your Basic Salary (7% if you are in grades BA1-BA4) or £4,000, if less. If you reduce Barclays’ contribution and take the balance as cash, it will be paid with your salary, and will be reduced by the amount of NI Barclays is required to pay on cash payments and will also be subject to your own income tax and NI. This may be helpful if you are likely to exceed the Annual Allowance and Lifetime Allowance. If you think you may be affected by the Annual Allowance or Lifetime Allowance please refer to the Pension tax allowances document on the pensions website, ePA.

Can I save tax and National Insurance on my contributions?

  • Afterwork

    Yes. You may save income tax and National Insurance on any contributions you make via salary sacrifice. If you are entitled to full tax relief on your contributions, for every £100 you contribute, just £68 (if you are a basic rate taxpayer), £58 (if you are a higher rate taxpayer) or £53 (if you are an additional rate taxpayer) will be sacrificed from your take-home pay.

  • Barclays Pension Savings Plan

    Yes. You may save income tax and National Insurance on your pension contributions that are made by salary sacrifice. Plus, you will benefit from the Pension Boost where Barclays tops up any contribution you make by around 13% of the amount you contribute* (current amount). If you are entitled to full tax relief on your contributions, if you make an additional contribution of £100, £113.80 will be paid into your BPSP account, but only £68 will be sacrificed from your take-home pay (if you are a basic rate taxpayer), £58 (if you are a higher rate taxpayer) or £53 (if you are an additional rate taxpayer).

    See the Pension tax allowances document on the pensions website, ePA, for more details about the Annual Allowance.

    * Pension Boost – when you make a pension contribution by salary sacrifice the amount of National Insurance Barclays has to pay is reduced. Barclays gives this saving (which is currently 13.8% of the amount you contribute) to you as an additional contribution into your pension account.

What risks should I consider?

  • Afterwork

    Afterwork is made up of two parts, the Credit Account and the Investment Account.

    The Credit Account provides a certain level of security as you build up a guaranteed sum, available at your Normal Retirement Age. If you only have a Credit Account there is a risk that, on its own, the amount you build up may not provide enough retirement savings.

    If you contribute to the Investment Account you have the opportunity to invest your retirement savings in order to increase its value. Investments can go up and down and just how much investment risk you are willing to take with your Investment Account will depend on many factors, including your approach to risk and your age.

    Equities tend to carry greater risk because their value may go down as well as up, but they have the potential for greater returns over the long term. Bonds and cash are expected to be less risky but their growth over the long term is generally slower. The value of an investment in bonds or cash can also go down as well as up.

  • Barclays Pension Savings Plan

    The BPSP operates differently because all of the retirement savings that you build up are invested in your chosen investment funds (or the default fund if you do not make a choice). This means you don’t have the underlying security of the Credit Account.

I am based in Jersey/Guernsey/Isle of Man – are there any differences I need to think about?

  • Yes. Tax rates and National Insurance rates are different to the UK, so you will first need to consider these.

  • Afterwork

    Broadly, Afterwork operates in the same way in Jersey/Guernsey/Isle of Man as the UK. The key difference being that employees in these jurisdictions are unable to contribute via salary sacrifice. For more information see the supplementary pages at the back of the Afterwork member booklet (available in the Read section)

  • Barclays Pension Savings Trust

    Rather than switching to the BPSP, employees in Jersey/Guernsey/Isle of Man have the option to switch to the Barclays Pension Savings Trust (BPST). The BPST is designed to reflect the BPSP, where possible (including Barclays contribution rates). However there are some differences to note.

    First, the BPST is a trust based pension plan administered by BWCI (the BPSP is a contract based plan provided by Legal & General). As with Afterwork, employees in Jersey and Guernsey are unable to contribute to the BPST via salary sacrifice but this will be available in the Isle of Man.

    Life assurance
    Employees in Jersey do not have the option to reduce their life assurance cover.

    For further detail please consult the BPST booklets below (there is one for each jurisdiction plus an investors guide):

Do I have a range of investment funds to choose from?

  • Afterwork

    Yes. You have a choice of a number of investment funds for your Investment Account, including a Lifestyle investment option. For more information on your investment options, please read the Investment Guide.

  • Barclays Pension Savings Plan

    Yes. You have a choice of core investment funds, including a Lifestyle investment option. Lifestyle invests your retirement savings for you according to an investment strategy suitable for many saving for retirement.

    You also have access to a number of additional investment funds for you to choose from.

Am I charged investment management fees?

  • Afterwork

    Yes, there are management fees based on the value of your retirement savings in the investment fund. The amount of the fees depends on the funds you invest in.

  • Barclays Pension Savings Plan

    Yes, there are management fees based on the value of your retirement savings in the investment fund. The amount of the fees depends on the funds you invest in.

When can I access my benefits?

  • Afterwork

    Generally, you can retire at any time from age 55 (expected to rise to age 57 from 2028). However, if you access your retirement savings before Normal Retirement Age (usually 60), the Credit Account will be adjusted (usually reduced) to reflect its early payment and your Investment Account will have less time to grow in value.

  • Barclays Pension Savings Plan

    You can retire at any time from age 55 (expected to rise to age 57 from 2028). However, the earlier you retire, the less time your BPSP account will have to grow in value.

What are my options when taking my benefits?

  • Afterwork

    Generally from age 55 (expected to rise to age 57 from 2028), you can take up to 25% of your retirement savings as cash, currently paid free of tax, and use the rest to buy an annuity for yourself, your spouse and/or a dependant. Alternatively, you can transfer your retirement savings to a different pension scheme or take them all as cash.

    You can also take flexible retirement, which means continuing to work for Barclays after you have accessed your retirement savings.

  • Barclays Pension Savings Plan

    From age 55 (expected to rise to age 57 from 2028), you can take up to 25% of your retirement savings as cash, currently paid free of tax, and use the rest to buy an annuity for yourself, your spouse and/or a dependant. Alternatively, you can participate in a post-retirement income drawdown product offered by Legal & General or another provider or take all your retirement savings as cash.

    You can also take flexible retirement, which means continuing to work for Barclays after you have accessed your retirement savings.

Does the plan provide a guaranteed sum at retirement?

  • Afterwork

    Credit Account
    Yes. Your Credit Account provides an amount that is guaranteed not to fall, if you take it at Normal Retirement Age (age 60) or later. However, if you access your retirement savings before Normal Retirement Age, your Credit Account will be adjusted (usually reduced) to reflect early payment.

    Investment Account
    No. The value of your Investment Account when you access your retirement savings will depend on how much money has been paid in and how well your chosen investment funds have performed.

  • Barclays Pension Savings Plan

    No. The value of your pension account when you access your retirement savings will depend on how much money has been paid in and how well your chosen investment funds have performed.

Does the plan provide me with life assurance?

  • Afterwork

    Yes. Death-in-service benefits are provided through the Barclays Bank UK Retirement Fund.

    If you die while an employee of Barclays, your beneficiaries will receive:

    • A lump sum of 4 x Basic Salary (subject to a maximum lump sum of the Lifetime Allowance), plus
    • A lump sum of 8 x Pensionable Salary (subject to the internal earnings cap, currently £125,000) if you have dependants, plus
    • A refund of your Credit Account contributions, plus
    • A refund of your Investment Account contributions, including investment returns.

    Note: If you have benefits from a previous Barclays pension plan (e.g. the 1964 Pension Scheme), any dependants’ pension from that scheme will be offset against the Afterwork benefit. If you have transferred out the value of your benefits from a previous Barclays pension plan a notional capitalised amount equivalent to the amount you transferred out will be offset against the Afterwork benefit.

  • Barclays Pension Savings Plan

    If you join the BPSP during the My Rewards renewal, life assurance will be provided for you under a separate arrangement. Barclays will provide funding for life assurance of 12 x your Basic Salary (subject to a cap of £1.8m). If you wish, you may be able to reduce your life assurance cover to a minimum of 2 x Basic Salary. You will not be able to reduce your cover if your Barclays funded cover level is above the Lifetime Allowance. Colleagues in Jersey are not able to reduce their life assurance cover.

    If you die while an employee of Barclays, your beneficiaries will receive:

    • A lump sum, depending on the level of life assurance you choose, and
    • A refund of your BPSP retirement savings.

    Note: If you have benefits from a previous Barclays’ pension plan (e.g. the 1964 Pension Scheme), any benefits from that scheme would be paid in addition to the benefits paid from BPSP and Afterwork.

Does the plan provide me with income protection?

  • Afterwork

    Yes, subject to certain eligibility criteria. If you become ill while an employee of Barclays and are unable to work, the following ill-health benefits will be provided through the Barclays Bank UK Retirement Fund:

    • An ill-health income protection benefit of 50% of your Basic Salary for up to 2 years.
    • After 2 years, you can be considered for ill-health retirement benefit. There are 2 levels that you could be considered for:
      • If you are permanently unable to carry out your current occupation and any other occupation that you could, in the opinion of the Bank, reasonably be expected to carry out, you could receive a pension of 40% of your Pensionable Salary. You can take your Investment Account as cash instead of applying it towards your ill-health pension (there may be tax implications); or
      • If you are permanently unable to carry out your current job, you will be able to use your Total Account (Credit Account plus Investment Account) to provide an income. You can take your Total Account as cash (there may be tax implications).

    You cannot amend your income protection benefit in Afterwork.

    If you are currently on sick leave you should be aware that you will not qualify for the income protection insurance if you switch to the BPSP until after you have returned to work.

  • Barclays Pension Savings Plan

    If you join the BPSP, income protection will be provided for you under a separate arrangement.

    Provided you meet the eligibility criteria, Barclays provides funding for income protection insurance of at least 50% of your Basic Salary until State Pension Age, subject to your grade and medical evidence.

    You will be able to increase your income protection insurance, i.e. choose cover of 65% or 75% of your Basic Salary, if you wish.

    You will be able to use your BPSP retirement savings from age 55.

    If you are currently on sick leave you should be aware that you will not qualify for the income protection insurance if you switch to the BPSP until after you have returned to work.

What happens to my retirement savings if I leave Barclays before being able to access my savings?

  • Afterwork

    You can leave your Afterwork retirement savings in Afterwork and access these when you decide to take your benefits, generally from age 55 (remember the Credit Account will be adjusted (usually reduced) if you take it before your Normal Retirement Age, usually age 60).

    You can transfer the value of your Afterwork (and/or legacy) retirement savings to another pension scheme if you wish. If you choose to join the BPSP, you will also be able to transfer your Afterwork retirement savings to the BPSP.

    However, if you do transfer your Afterwork retirement savings, the Credit Account will be adjusted (usually reduced) as it will be paid early.

  • Barclays Pension Savings Plan

    Your personal pension within the BPSP remains with you even if you leave Barclays. You can access this when you decide to take your benefits, generally from age 55. You will be able to continue contributing to your personal pension (although Barclays will cease to contribute) or transfer your BPSP retirement savings to another pension scheme.

Can I manage my retirement savings online?

  • Afterwork

    Yes, you can manage your retirement savings online via the Willis Towers Watson ePA website. Willis Towers Watson is the administrator of Afterwork. You will find a quick link to this website on the My Rewards website.

  • Barclays Pension Savings Plan

    Yes, if you choose to join the BPSP, you will be able to manage your retirement savings online via the Legal & General Manage Your Account website. Legal & General is the provider of the BPSP. You will find a quick link to this website on the My Rewards website.

Do I need to review my retirement savings?

  • Afterwork

    You should check your retirement savings regularly to make sure they’re on track with your retirement plans. You can review your retirement savings in Afterwork via the ePA website. You will also receive an annual benefit statement giving you a picture of your savings to date and a projection of what your retirement income might be.

  • Barclays Pension Savings Plan

    You should check your retirement savings regularly to make sure they’re on track with your retirement plans. You can review your retirement savings via the Manage Your Account website. You will also receive an annual benefit statement giving you a picture of your savings to date and a projection of what your retirement income might be.