About the Plan

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

With this type of scheme, contributions paid by you and TfL are held in your own pension account, which is invested for you. Your pension account will grow if your investments increase in value, or as more is paid in, until you decide to use your savings or move them to another pension arrangement.

Watch the webinar on the right to find out more about how your pension works, your investment options and what your retirement could look like with the Plan.

Below is some key information about your pension, along with useful tools, sources of guidance and contact information.

Being an active Plan member

You can stay informed with specific information about your pension savings, as well as general Plan news, by logging in to Money4Life. You can also access general information on this website; and using the Scottish Widows site.

You will also receive an annual update on how your pension account is performing. This will be sent to your home address (unless you have opted not to receive paper communications) and a copy will be uploaded to Money4Life.

You would have been provided login details for Money4Life when you joined the Plan. If you need help registering for Money4Life, or you have forgotten your login details, use this Guide to getting online.

How much you and TfL each pay into your pension arrangement will have been confirmed to you on joining, or subsequently if this has changed over time. If you have any questions on this, please contact your relevant TfL HR or payroll teams and they will be able to help.

Your pension contributions are deducted from your salary before you pay Income Tax, so you will benefit from tax relief on those amounts, unless your income is low enough that you don’t pay tax. You can read more about pension tax here (the Plan is an occupational pension scheme).

You can watch a video about pension contributions and tax here.

The more you pay into your pension account, the more you should have when you come to use your pension savings. Use this calculator to see how much more you might get if you increase what you pay.

Deciding what you want your investments to achieve is important, as it will help you make decisions about where to put your savings. There are a few things to think about before deciding where to invest your pension account:

  • What levels of investment risk are you comfortable with?
  • How involved do you want to be with your investments?
  • When and how do you want to take your savings?
  • What other pension savings do you have (including state benefits)?

Investing your pension account is one way to help it grow. Some investments offer the possibility of higher growth, but they’re likely to be riskier, so they may also go down in value. This may not be an issue if you’re some way from using your savings, but if you’re close to your chosen retirement age it may affect your plans. Some people choose to switch to investments that offer lower return, but a more stable value, the closer they get to their chosen retirement age.

If you do not make any choices about your investments, you will be automatically included in the default investment option, called the Active Lifestyle Option – Default. For some members who joined some years ago, you may still be in a legacy default strategy call the Passive Lifestyle Option. More details on these and other investment options can be found in the Guidance on Your Fund Choices guide.

You can watch a video about investment decisions here.

The Plan gives you several alternative investment options aside from the default option in which you will be invested automatically should you not decide to change this.

Before making any investment choices, make sure you read the Introduction to Investing guide to help you find out more about the different types of investment, your investment options, investment risks and the costs that could apply.

You should then read the Guidance on Your Fund Choices guide to find out specific information about the investments available.

Access the latest factsheets and latest fund information.

You may be able to transfer other pension savings into your pension account.

If you would like to investigate a transfer, contact Scottish Widows to request a Transfer In Form, or download the form here.

Depending on what kind of pension benefits you want to transfer, you may need to prove that you have taken suitable financial advice before a transfer can go ahead. You can get help with choosing a financial adviser using MoneyHelper.

You’re less likely to be scammed if you’re transferring pension savings into the Plan, but you should always be aware of pension scams, as they are very common now. Read our guide to pension scams for more information. 

As you plan for retirement, you may want to start thinking about the lifestyle you want to live. The Pensions and Lifetime Savings Association carried out research to help people understand how much they might need.

Scottish Widows have information to help you focus on what you should be thinking about as you get closer to taking your benefits.

You can also follow this timeline to help you plan.

You have different options available when you take your pension savings, so you can use them in a way that suits you and the future lifestyle you hope to achieve.

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 savings to another pension arrangement. The options available to you from the Plan will be explained to you when you receive your retirement quotation.

Pension Wise is a government service from MoneyHelper that offers free, impartial pensions guidance about your DC pension options. When you start to think about using your pension savings, Scottish Widows will offer to book a Pension Wise appointment for you, and you will need to tell them whether you have taken guidance and/or advice, or opted out of the process.

Use this chart to compare your pension options.

You can watch a video about income options here.

Calculate and compare your options with the Pensions options calculator.

It’s important to take account of potential State Pension benefits when you’re planning for life in retirement:

Your target retirement age is automatically set to 65, but you can change it to any age between 55 and 75. However, the normal minimum pension age (NMPA), the earliest age that you can access your benefits if you’re in good health and don’t have a protected retirement age, will be changing to 57 on 6 April 2028.

The table below shows how this change could affect you:

Your date of birth

Effect of change to NMPA

Before 7 April 1971

You will be 57 before 6 April 2028 so you will not be affected.

Between 7 April 1971 and 5 April 1973

You will be 55 after 6 April 2026, but before 6 April 2028, so will have a window to access your benefits before the NMPA increases to 57.

After 6 April 1973

The earliest you can access your benefits will be 57.


If you want to change your target retirement age, you can 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:

0800 028 9668 or +44 113 208 3867 from outside the UK

[email protected]

Monday to Friday, 8am to 6pm.

Scottish Widows Workplace Savings
PO Box 24173
69 Morrison Street
Edinburgh
EH3 1HP

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 pension savings. 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:

0800 028 9668 or +44 113 208 3867 from outside the UK

[email protected]

Monday to Friday, 8am to 6pm.

Scottish Widows Workplace Savings
PO Box 24173
69 Morrison Street
Edinburgh
EH3 1HP

A life event is an important moment in your life, such as marriage, divorce, or moving home. If you have an event that changes your personal details, make sure you inform Scottish Widows so they can keep you updated with information about your pension account and the benefits available.

You can log on to Money4Life to update your records instantly, or contact Scottish Widows using the details in the previous question.

If you are getting divorced, you may need a transfer value quotation from Scottish Widows; their contact details are in the first question in this section.

If you are getting married or entering a civil partnership, you should tell Scottish Widows. Updating your details will help the Plan pay any benefits that may be due if you die. You can easily update your records using Money4Life or by contacting Scottish Widows; their contact details are in the first question in this section.

If you are changing your name, you will need to provide a copy of the relevant certificate.

If you are moving home, you should update your address details with Scottish Widows.

You can easily update your records using Money4Life or by contacting Scottish Widows; their contact details are in the first question in this section.

Looking after your loved ones

If you die before you use your pension account, there may be benefits payable to your dependants. The Trustees will use the value of your pension account to provide a lump sum or guaranteed income for life (an annuity) for your beneficiaries. By completing and returning an Expression of Wish Form, you can ask the Trustees to pay any death benefits from the Plan in accordance with your wishes. Although the Trustees are not bound by your request, they will usually respect your wishes. You can change or revoke your nomination at any time by contacting Scottish Widows.

You can find out more about pension savings when you die here. Please note that the benefits due from the Plan may differ from this guide; you should contact Scottish Widows for more information, you can find their contact details in the first question of the Updating your records section above.

You should report the death of a member to Scottish Widows. You can find their contact details in the first question of the Updating your records section above.

You can add or update your expression of wish using Money4Life, or you can contact Scottish Widows directly. You can find their contact details in the first question of the Updating your records section above.

Leaving the Plan

If you stop paying in or leave TfL (or one of its subsidiaries) you will become a deferred member. This means your pension savings will stay with the Plan but you will no longer be able to pay in.

If you are still employeed by TfL and are invited into the TfL Sacrifice of Performance Award arrangement, how you contribute to this will be explained at that time.

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 stay informed with specific information about your pension savings, as well as general Plan news, by logging in to Money4Life. You can also access general information on this website and using the Scottish Widows site.

You will also receive an annual update on how your pension account is performing. This will be sent to your home address (unless you have opted not to receive paper communications) and a copy will be uploaded to Money4Life

You can ask for your pension savings to be transferred to another registered pension arrangement, personal pension, stakeholder pension scheme or authorised insurance company (subject to certain requirements), if the manager or trustees of your new scheme are willing to accept the transfer.

The Plan does not charge any fees for transferring your savings.

If you’re considering a transfer you should be alert to the risk of pension scams, as they are very common now. Read our guide to pension scams for more information.

You should also consider getting financial advice. You can get help with choosing a financial adviser using MoneyHelper.

To request a transfer to another arrangement, your receiving scheme or your financial adviser should be able to help you, or contact Scottish Widows using the details in the Updating your records section.

You may find that you need a little help in budgeting and managing your finances once you’ve retired. Looking after your money is really important; things change, and your plans may need to change too. You can use this guide to help make sure your money keeps working in the future.

You can also find out more information about the State Pension using the following links:

The Plan is run by Scottish Widows and
you can find more information on their website