The BBC provides a competitive and flexible defined contribution plan called "LifePlan" - administered by Friends Life.
You can choose how much you pay to LifePlan and the BBC will match or better your contributions up to a maximum of 10% of salary. You choose where you want your contributions to be invested or you can simply invest in the Mixed Lifetime investment programme which will manage your investments for the life of the plan.
Over time the value of LifePlan should grow, and at retirement it is converted into a regular income or pension. This is usually done by buying an annuity. Under current legislation it is also possible to choose other options, such as taking a proportion, up to 25% of your plan as a tax-free cash sum with a lower regular pension. Your choices will be explained to you in more detail when you get closer to retirement.
As a member of LifePlan - the BBC's defined contribution plan your contributions will be met through a salary sacrifice arrangement. This is called "Smart Pensions". Your basic salary will be reduced by the amount you have chosen to contribute to LifePlan and as a result you pay less National Insurance contributions.
For more information visit the Friends Life website here.