About the Plan

The TfL Savings for Retirement Plan is a money purchase pension arrangement -otherwise known as a defined contribution (DC) scheme.

In this type of pension arrangement contributions paid by you and TfL are invested and held in a separate account in your own name. Your pension account stays invested in the Plan until you either retire or move it to another pension arrangement.

Click on the image on the right to watch a webinar to find out more about how your pension works, your investments, investment options and what your retirement options will be with the Plan.

Below, we explain many of the areas key to your pension benefits. We also provide guidance on how the Plan can help you, along with useful tools and contacts.

Being an active Plan member

To find out what you will pay into your pension in the TfL Pension Plan you will need to log on to your online portal at www.tflpension.co.uk. You will be able to find out how much you pay into your pension and how much the TfL will contribute. 

Your pension contributions are deducted from your salary before Income Tax is paid on them, so you benefit from tax relief through your reduced taxable earnings. You must be a taxpayer to benefit from the tax relief top up with this method. Also, high-rate taxpayers immediately benefit from tax relief without the need for any additional tax reclaim. You can out more about pension tax here, where referred to, the Plan is an ‘Occupational pensons / Trust based scheme’.

The more you pay into your pension, the more you’ll have when you retire. See how much more you may get by increasing your pension payments

The Plan gives you several investment options for your pension pot.

Deciding what you want your investments to achieve is important. It’ll help you make decisions about where to put your money. There are a few things to think about before deciding where to invest your savings:

  • What other pension savings do you have?
  • What levels of investment risk are you comfortable with?
  • How involved do you want to be with your investments?
  • When do you want to retire?

Your pension pot will continue to grow as more money gets paid into it and your investments hopefully grow. Then, when you come to retire (currently age 55 or above), you can use your pension pot, or continue to work until you decide to take it.

Before making your investment choices make sure you read the Introducing to Investing booklet to help you find out more about the different types of investment, your investment options in the Plan, investment risk and costs.

After you have understood a little about investments and how you want to invest, read the Guidance on Your Fund Choices booklet to find out more about the fund options that are available to you from the Plan.

Find the latest factsheets and latest fund information 

As a member of the Plan, you may be able to transfer other pension benefits in to your pension pot with TfL.

If you would like to investigate a transfer you will need to contact Scottish Widows, the administrator and request a Transfer in Form. Or you can access the form here

You should note that should the benefits being transferred in be safeguarded – a separate advice declaration would also be required.

You have different options available at retirement, so you can use your pension pot in a way that suits you and your future lifestyle.

Find out about your options at retirement. Please note that not all the options shown are available to members of the Plan. To access some of the options you may have to transfer your pension pot to another pension arrangement. The options available to you from the Plan will be explained to you when you receive your retirement quotation.

Use this chart to compare your pension options

Calculate and compare your options with the Pensions options calculator

Find out about your State Pension options 

Updating your records

It is essential that you keep your personal records up-to-date so you can receive regular statements and important information about your benefits. Updating your details online is quick and easy to do. Simply log on to Money4Life, where you can update your records instantly.

If you don’t have access to Money4Life, you can contact Scottish Widows, the Plan administrators.


[email protected]

BY PHONE - 0800 028 9668   +44 113 208 3867 (from outside the UK)

Monday to Friday, 8am to 6pm.


Scottish Widows Workplace Savings
PO Box 24173
69 Morrison Street

A life event is an important event in your life, such as marriage, divorce, or moving home. If you have an event that changes your personal details, make sure you inform the Plan administrator. It’s important to keep the administrators updated with any changes so the Plan can keep you updated with information about your pension account and the benefits available. Click here for contact details

Or you can simply log on to Money4Life, where you can update your records instantly.


If you are getting divorced, you may need a transfer value quotation from the Plan administrator, Scottish Widows. Click here for contact details

If you are getting married or entering a civil partnership, you should inform Scottish Widows, the Plan administrator. Updating your details will help the Plan pay any death benefits to your spouse/partner more efficiently. You can update your details online or by post

If you are changing your name, you may need to provide a copy of your marriage/civil partnership certificate.

If you are moving home and want to update your address details, you will need to inform the Plan administrator, Scottish Widows. You can easily update your address by completing and returning the linked form 

You can also update your records online at Money4Life

If you need to change your expression of wish you can do this online on the Money4Life portal

On your death, there may be benefits payable to your dependants.

You can find out more about what happens to your pension pot when you die, by clicking here. Please note that the rules of the Plan may differ from this guide.

If you need to inform the Plan about the death of a member, you will need to contact Scottish Widows. You can find the contact details here

Leaving the Plan

If you stop paying in to your pension pot or leave the employment of TfL (or one of its subsidiaries) you will become a deferred member. This means your pension pot will stay with the Plan; however, you will no longer be able to pay into your pension pot unless you do so via the TfL Sacrifice of Performance Award arrangement for TfL employees.

If you are a new joiner and leave the Plan soon after joining, you may have a period when you can take a refund of your contributions. If this is the case, this will be explained to you in your new joiner communications.

You can keep yourself informed with specific information about your pension pot, as well as general Plan news by logging in to your personal account on Money4Life

You can ask for your value of your pension pot to be transferred to another registered pension scheme, personal pension, stakeholder pension scheme or authorised insurance company (subject to certain requirements), if the manager or trustees are willing to accept the transfer. The Plan levies no charges on you, in order to transfer your benefits elsewhere. Before you consider any transfer you should be wary of scams; you can find some help and guidance here

You should also consider getting independence financial advice. You can find an independent financial adviser close to you at www.MoneyHelper.org.uk and searching for 'Find a retirement adviser'.

When you retire your benefits will no longer be within the Plan.

You may find that you need a little help in budgeting and managing your finances in retirement. You can use this booklet to help you with all you need to know about managing your money after you retire. 

You can also find out more information about the State Pension here.

The Plan’s Administrator is Scottish Widows and you can
contact them for help with your benefits