Our Company Pension Scheme: A message from Jim
At JSW, we’re committed to your long-term financial well-being, both during your career and into retirement. A key part of this is our Company Pension Scheme, which includes contributions from both you and JSW to help grow your retirement savings.
Why join the scheme?
- Employer Contributions: We invest in your future with you
- Tax Benefits: Enjoy tax relief on your contributions
- Long-Term Security: Build financial independence for life after work
We’ve partnered with Redwood Family Wealth & Estate Planners Ltd. to manage the scheme and provide you with expert guidance, support, and assistance with paperwork and changes.
Redwood is also offering some exclusive benefits for JSW Pension Scheme members, including:
- Ongoing support for members’ questions about the Scheme and retirement options
- Free initial meeting for all JSW members to discuss their personal financial /retirement planning (Value: £90)
- Free retirement cashflow forecast & planning meeting for all JSW members (Value: £575)
- 25% discount on any Redwood Retirement Implementation Fees for JSW members
Retirement may seem distant, but starting early makes a big difference. I encourage all eligible employees to take full advantage: it’s a key part of your overall benefits.
For questions or support, our HR and Pension Provider teams are here to help.
Jim Stokes, MD
Trusted by our clients
The JWS Pension Scheme New Joiners Webinar
This webinar is for all new Pension Scheme joiners or those who want a refresher about how the scheme operates. Just click the link below and complete the registration to find out more.
A Great Pension Starts with a Great Plan
It’s never too early or late to start thinking about your future. Many people across the UK are heading into retirement without the financial cushion they’d hoped for, but the good news is: there’s still plenty you can do to change that. With the right steps in place, you can build a pension that gives you peace of mind and the freedom to enjoy the retirement for which you’ve worked so hard.
Here are a few smart ways to get started:
1. Start Early and Contribute Regularly
The sooner you begin contributing to your Pension, the more time your savings have to grow. A good rule of thumb is to aim for at least 10% of your salary over the course of your working life. It might feel like a stretch now, but your future self will thank you.
2. Make the Most of Employer Contributions
When you pay money into your pension scheme, JSW Group pays in too. It’s essentially free money toward your retirement. Take full advantage of this wherever you can. It’s one of the easiest ways to boost your Pension Pot.
3. Don’t Forget Your Other Assets
Pensions are important, but they’re just one piece of the puzzle. Property, savings, business interests, or even valuable collectables can all play a role in funding your retirement. A well-rounded approach can give you more flexibility and security down the line.
4. Create a Clear, Personal Plan
A great Pension is built around your unique goals, when you want to retire, what kind of lifestyle you hope to enjoy, and how much income you’ll need to support it. By setting clear objectives now, you can create a plan that truly reflects your aspirations.
5. Take Action Today
The best time to start planning your retirement is now. Even small changes can make a big difference over time. Leaving it too late often means having to work harder to catch up.
About Redwood Family Wealth & Estate Planners Ltd.
Redwood is an award-winning, family-owned firm of Chartered Financial Advisers and Estate Planners. It is proudly based in Hampshire and supports clients across the South Coast.
Founded in 1999 by Steve Blofield, the business quickly became a true family affair, with his wife Julie, daughter Jasmine, and daughter-in-law Hollie all joining the team. In 2014, Jasmine stepped into the role of Managing Director, continuing her father’s legacy and guiding the firm’s steady growth.
Today, Redwood is a close-knit team of 19, including all four family directors. It looks after over 600 clients and manages more than £105 million in pensions and investments. Its personalised, relationship-focused approach has earned it a trusted reputation for delivering thoughtful, long-term financial guidance.
Contact Us Today
To help us provide you with the best possible service, please share any updates to your details or your current needs so we can connect you with the most suitable team member relevant to your query.
JSW Pension Scheme Frequently Asked Questions (FAQs)
We have provided answers to some of the most frequently asked questions about the JWS Pension scheme. Please select the heading that best describes the topic your question relates to.
What is auto-enrolment and how does it affect me?
Auto-enrolment is a government initiative requiring employers to enrol eligible employees into a workplace Pension scheme automatically. If you meet the criteria, you’ll be enrolled into our company Pension scheme to help you save for retirement.
Am I eligible for auto-enrolment?
You’ll be automatically enrolled if you:
- Are aged between 22 and State Pension age
- Earn over £10,000 a year
- Work in the UK
If you don’t meet these criteria, you may still be able to join the scheme voluntarily.
How much will I contribute?
Currently, the minimum total contribution is 9% of your qualifying earnings. This is usually split as:
- 5% of your *Basic Earnings contributed by you
- 4% of your *Basic Earnings contributed by JSW
We’ll confirm the exact details in your welcome pack.
*Basic Earnings are made up of Basic Pay, Holiday Pay, Statutory Pay such as Sick Pay. Bonuses, Commissions, or Overtime are not included.
Who is the JSW Pension Scheme held with?
The JSW Pension scheme is invested with Royal London, the UK’s largest mutual life, Pensions, and investment company, established in 1861. As a mutual, it is owned by its customers, allowing profits to be reinvested for their benefit. This includes initiatives like ProfitShare, which aims to boost eligible members' Pension savings when the company performs well.
Who manages and administers the JSW Pension Scheme?
We use Redwood Family Wealth & Estate Planners Ltd. as our preferred Pension management provider. They help manage the scheme, offer expert guidance, and are available if you have questions or need support.
How is the JSW Pension Scheme invested?
The JSW Scheme is invested in Royal London’s Governed Portfolio: Balanced Lifestyle Strategy (Drawdown) Fund. This default investment option designed for Pension scheme members seeking a balanced approach to risk and aiming to draw a flexible income during retirement. It is particularly suitable for individuals who prefer not to actively manage their Pension investments.
Is the scheme Relief at Source or Salary Sacrifice?
Jim Stokes Workshop Group has introduced a Salary Sacrifice scheme for employees enrolled in the new Auto-Enrolment Pension plan, where employees agree to reduce their salary by the amount of their Pension contribution, and in return, the employer pays the full contribution as an employer-only payment. This arrangement results in lower National Insurance Contributions and income tax for employees, increasing their take-home pay. Employers also benefit from NIC savings, which can be reinvested into the business, while offering an enhanced benefits package to staff.
Can I opt out of the Pension scheme?
Yes, you can opt out after you’ve been enrolled, but we strongly encourage you to consider the long-term benefits first. If you opt out within one month, your contributions will be fully refunded.
How do I view or manage my Pension?
Once you’re enrolled, you’ll receive login details for your online Pension account. The Royal London mobile app is a free, user-friendly tool designed to help you manage your Pension plan conveniently from your smartphone or tablet. Available on both the App Store and Google Play, the app provides secure access to your Pension details, empowering you to stay informed and control your retirement savings.
Can I pay more into my Pension?
Yes! You can increase your contributions at any time. Extra contributions can help boost your retirement savings and may also reduce your tax bill. Speak to your HR department to make changes to your pension contribution.
What happens if I leave the company?
Your Pension pot is yours to keep. You can leave it invested, transfer it to a new employer’s scheme, or consolidate it with another Pension. Redwood can help you understand your options.
What is the standard retirement age for JSW employees?
The default Workplace Pension Scheme Retirement Age is 65.
Can I change my desired retirement age?
Yes! You can choose an alternative retirement age from the default scheme plan of 65. Speak to our Pension provider, Redwood, to discuss your retirement goals.
When can I access my Pension savings?
You can typically access your Pension from age 55 (rising to 57 from April 2028), even if you’re still working. Options include taking a lump sum, flexible drawdown, or buying an annuity.
What is the process for updating my personal details related to my Pension?
Ensuring your Pension provider has the most up-to-date information relating to your name, address and contact details is vital. Please contact Redwood by completing the Contact form.
Who should I contact if I have questions?
If you need help, Redwood’s expert team is on hand to support you. You can also contact our HR team for general Pension queries or to be pointed in the right direction.
Are there other benefits included by Redwood that we can access?
Yes! Redwood is a family wealth and estate planning business, specialising in Wills, Trusts, Estate Planning, Investments, and Pensions.
Exclusive benefits offered by Redwood to JSW employees include:
- New Members Bespoke JSW Pension Scheme Webinar
- A dedicated JSW Pension Scheme Website Page with FAQs, advice and annual scheme review video
- Free Telephone Callback Meetings to discuss your Pension and planning needs
- Free Initial Consultation for all JSW members to discuss their personal financial/ retirement planning (Value: £90)
- Free Retirement Cashflow Forecast & Planning Consultation for all JSW members (Value: £575)
- 25% discount on any Redwood Retirement Implementation Fees for JSW members
- Quarterly Market & Performance Updates sent for distribution to members
If you want to make confident, well-informed decisions about your Pension, speaking to a Financial Adviser is a smart move. Redwood’s Chartered Advisers are here to guide you through your options and recommend the best solutions for your goals. In some cases, such as transferring certain Pensions over £30,000, obtaining advice is a legal requirement.
Why should I care about Pension fund fees?
Even small fees can have a significant impact over time due to compound growth. The goal is to keep total fees under 1.0% per year.
Example:
If you invest £200/month for 30 years:
- At 7% annual return with 1% fees, you end up with £201,9180
- At 7% annual return with 2% fees, you only get £167,690
- That’s a £34,228 difference, just from paying 1% more in fees
What is compound interest?
It's “interest on interest.” Your money grows not just from the contributions you make, but also from the returns your investments earn over time.
Examples at 7% return:
- £100/month for 10 years = £17,300
- £100/month for 20 years = £51,000
- £100/month for 30 years = £121,000
Starting earlier makes a massive difference!
What’s the difference in saving early vs. starting later?
The earlier you start, the less you need to contribute to reach the same goal.
Example at 7% growth rate:
To reach £500,000 by age 65:
- 25-year-old needs to invest £260/month
- 45-year-old needs to invest £1,160/month
That’s over 4x more per month just because of the later start!
How do I figure out how much I’ll need in retirement?
A general rule is to aim for 20 - 25x your annual expenses in retirement.
Example:
If you want £30,000 per year in retirement:
- £30,000 x 25 = £750,000 retirement pot
Once you have your number, you can adjust your contributions to work toward it.
What Is a Pension Fund and How Does It Make Money?
Your Pension is invested in a diversified portfolio of investments, including stocks and bonds. When you invest in a fund, you own a small piece of thousands of companies. When those companies grow and earn profits, your investment grows.
It’s like owning a slice of the global economy.
How do I determine which fund is best suited for me?
Consider:
- Your age
- Your retirement timeline
- How much risk you’re comfortable taking with your investment
Use your Pension Provider portal to view fund options. Many providers offer risk-rated funds, categorised by risk level (e.g., low, medium, high). Look at fees, past performance, and the fund’s investment mix (stocks vs. bonds).
What does “risk tolerance” mean?
It’s your comfort level with market fluctuations.
- If market drops make you panic, you may need a more stable, lower-risk fund.
- If you can stay calm and think long-term, you might benefit from a higher-growth, higher-risk fund.
Should I avoid bonds if I’m under 40?
Typically, yes, but it depends on your circumstances and attitude to risk. Younger people have time to recover from market dips. Investing more heavily in stocks gives you a better chance of growing your pot over time. Bonds are more stable, but they grow more slowly.
What if I hate seeing my Pension go up and down?
That’s totally normal. Consider:
- Balanced funds (mix of stocks & bonds)
- Target-date funds (automatically adjust risk over time)
- Pick a fund that aligns with your emotional comfort level, not just the numbers.
Is the Pension scheme’s default fund good enough?
Often, no. Default funds tend to be conservative, focusing on safety for everyone, but this means lower growth.
Take control of your Pension: review your fund options and switch if needed, especially if you’re aiming for long-term growth.
When should I move from growth to safety?
Start adjusting your Pension about 5–10 years before retirement.
It depends if you are buying an Annuity
This might include:
- Reducing stock exposure
- Adding more bonds
- Setting up a “cash ladder” (money maturing gradually to cover retirement expenses)
This protects you from having to sell investments during a market downturn.
If you plan on using flexi-access drawdown, then your focus should remain on growth and income.
How much does financial advice cost?
Our advice is always tailored to your needs. We typically charge fixed fees, so you’ll always know what you’re paying and getting in return before committing to anything.
Should I take my Pension as a tax-free lump sum?
You can take up to 25% of your Pension tax-free from age 55 (rising to 57 from April 2028), but that doesn’t mean you should. Taking money early can reduce your future income and potential investment growth. It’s worth talking to an adviser before making any decisions.
Could the Government take away the tax-free lump sum?
It’s always possible that rules might change in future, but any changes are unlikely to be applied retrospectively. Tax-free cash has remained intact across all recent governments, and we’d expect it to stay that way for now.
How much can I pay into my Pension?
As of April 2024, the UK Lifetime Allowance (LTA) on Pension savings has been abolished, meaning there is no longer a limit on how much you can build up in your Pension over your lifetime without facing extra tax charges.
However, the annual tax-relievable contribution limit remains at £60,000, and the maximum tax-free lump sum you can withdraw is capped at £268,275, unless you have certain protections in place. While the LTA is gone, other limits and tax rules still apply, so it’s important to seek financial advice if you have significant Pension savings.
Should I transfer my Defined Benefit Pension?
In some cases, transferring could offer more flexibility, but it's a big decision. If your pot is worth over £30,000, it’s legally required to get advice. Redwood will help you weigh the pros and cons and make the right choice for your future.
Is buying an annuity still a good idea?
While annuities are less common today, they can still provide valuable guaranteed income for life. For some, they offer peace of mind, especially later in retirement. An adviser can help you explore whether combining an annuity with other income options makes sense for you.
How much can I withdraw from my Pension?
That depends on your goals, health, and how long your money needs to last. Drawing too much, too soon, could mean your pot runs dry. We use tailored forecasts to help you find a sustainable income strategy that suits your life plans.
Can I take my whole Pension as a lump sum?
Technically, yes, but in most cases, it’s not recommended. You could face a substantial tax bill and miss out on future growth opportunities. If you’re considering this option, please speak with us first so we can help you do it in the most tax-efficient manner.
Do I have to take an income from my Pension?
Not at all. If you’re still working or have other income sources, you may benefit from leaving your Pension untouched to grow for longer.
Will I pay tax when I take income from my Pension?
After your 25% tax-free lump sum, any further withdrawals are treated as income and may be taxed. However, with smart planning, we can often help you reduce or even mitigate unnecessary tax.
Here's a Q\&A document tailored for employees of a company Pension fund, designed to educate and guide them on key retirement investment topics based on the bullet points you've provided