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, 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 reduced to take account of its early payment.

  • Barclays Pension Savings Plan

    Barclays contributes at least 10% of your Basic Salary up to the internal earnings cap (currently £125,000) to your pension account each month (your Benefits Allowance includes funding for the Barclays pension contribution). If you wish, you can also contribute by making additional contributions, or you can flex down the Barclays pension contribution (subject to a minimum contribution of 5%) and take the balance as cash or use it to choose other benefits. 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.

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 of 1%, 2% or 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 the value of 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), 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*
    15 to 34 10%
    35 to 39 11%
    40 to 44 13%
    45 to 49 14%
    50 to 54 15%
    55 to 59 16%
    60 to 74 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 10% of your Basic Salary. If you are age 45 and you choose to switch to the BPSP, Barclays contribution would be fixed at 14% of your Basic Salary.

    These age-related contribution rates have been set so as to broadly reflect the current cost to Barclays of providing the Afterwork Credit Account benefit (see Important note in Afterwork column).

    If you do not currently contribute to Afterwork then Barclays pension contributions for you would be fixed at 10% of your Basic Salary if you switch to the BPSP.

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 of 1%, 2% or 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.

  • Barclays Pension Savings Plan

    You are not required to contribute anything, but you can contribute if you wish by making additional contributions.

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, Barclays will pass on its National Insurance savings on your contributions (currently 13.8% of your contribution) to your BPSP account. 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).

Can I flex my Barclays contributions?

  • Afterwork

    No. But you can start contributing to the Investment Account and Barclays will match the first 1%, 2% or 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 guide to Changes to tax relief for pensions on
    My Rewards/Savings and Retirement/Afterwork/Learn More/Documents.

  • Barclays Pension Savings Plan

    Yes. You can flex Barclays’ pension contribution up or down (subject to a minimum pension contribution). If you flex down you can take the balance as cash or use it to choose other benefits. The minimum pension contribution is 5% of your Basic Salary or £4,000, if less. If you flex down 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 be subject to 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 guide to Changes to tax relief for pensions on
    My Rewards/Savings and Retirement/Afterwork/Learn More/Documents.

Can I save tax and National Insurance on my contributions?

  • Afterwork

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

  • Barclays Pension Savings Plan

    Yes. You save income tax and National Insurance on your pension contributions that are made by salary sacrifice. Plus, Barclays will also pass on its National Insurance saving on pension contributions (currently 13.8% of your contribution) to your BPSP account. So 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) or £58 (if you are a higher rate taxpayer).

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.

  • 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. This means you don't have the underlying security of the Credit Account.

I am based in Gibraltar/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 Gibraltar/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 Plan

    Rather than switching to the BPSP, employees in Gibraltar/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 Gibraltar, Jersey and Guernsey are unable to contribute to the BPST via salary sacrifice but this will be available in the Isle of Man.

    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. You are charged management fees of between 0.08% and 0.75% of the value of your retirement savings (Fund Management Charge) invested in the core funds, depending on the funds you invest in. Additional fees may apply on non-core funds.

When can I access my benefits?

  • Afterwork

    Generally, you can retire at any time from age 55. However, if you access your retirement savings before Normal Retirement Age (usually 60), the Credit Account will be 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. 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, 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. Remember, whichever option you choose, 25% will be paid free of tax with the remainder taxed at your marginal rate.

    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, 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. Remember, 25% will be paid free of tax with the remainder taxed at your marginal rate.

    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 in value, if you take it at Normal Retirement Age (age 60) or later. However, if you access your retirement savings before Normal Retirement Age, the value of your Credit Account will be 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.

  • Barclays Pension Savings Plan

    If you join the BPSP, life assurance will be provided separately by an insurance company. Your Benefits Allowance will include funding for life assurance of 12 x your Basic Salary (subject to a cap of £1.8m). If you wish, you will be able to ‘flex down’ your life assurance cover to a minimum of 2 x Basic Salary.

    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 dependants’ pension from that scheme would be paid in addition to the BPSP benefit.

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).
      • 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 flex your income protection benefit in Afterwork.

    If you are currently on long term sick leave you should be aware that you will not qualify for the income protection insurance if you switch to the BPSP.

  • Barclays Pension Savings Plan

    If you join the BPSP, income protection will be provided separately by an insurance company.

    Provided you meet the eligibility criteria, your Benefits Allowance will include 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 flex your income protection insurance, i.e. choose cover of 50%, 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 long term sick leave you should be aware that you will not qualify for the income protection insurance if you switch to the BPSP.

Can I take my retirement savings with me if I leave Barclays before being able to access my savings?

  • Afterwork

    Yes, 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 the value of your Afterwork retirement savings, the value of your Afterwork Credit Account will be 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 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. A quick link to this website can be found on the home page of the My Rewards website.