Pension
The Iron Mountain pension plan helps you save for the future so you’ll be ready for where life takes you.
Important Pension Legislation Update:
Please find information for the 2024 / 25 tax year regarding Lifetime Allowance and Annual Allowance.
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How it works
Planning for your retirement is important, and the Iron Mountain pension plan (managed by Aviva) can help. If you contribute a minimum of 2.5% of your salary to the plan, Iron Mountain will contribute 6.5%. You’ll receive tax relief on the contribution you make through salary sacrifice A salary sacrifice arrangement is where you give up some of your pre-tax salary in exchange for financial, health and leisure benefits from Iron Mountain. and will pay lower National Insurance (NI) contributions. Aviva deducts annual charges of 0.33% p.a. to manage your pension.
If you’re an employee at or above the Director level, you’re eligible for the limited pension plan option, which entitles you to a 7.5% contribution from Iron Mountain with no minimum contribution on your part. If you’re not eligible for the limited pension, you are eligible for the bonus exchange.
Designate a Nominee
It’s important to designate a nominee who will receive your pension benefits in the event of your death. Your pension is paid by the Trustees (Aviva) after taking your wishes into account. (Completing a nominee form will make them aware of your wishes.) Death benefits from your pension are not usually subject to inheritance or income tax.
To designate a nominee, complete the form you received in your joiner pack, or access it on the Aviva website.
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Combining your pensions
You can transfer pensions from your former workplace(s) to your current Iron Mountain pension at no cost. If the old pensions are similar to your Iron Mountain pension, you can arrange the transfer yourself. If there is any risk involved to your funds, Aviva will require a financial adviser to approve the transfer.
To begin the transfer process, you’ll need to trace your lost pensions and then ask the pension provider(s) the following questions:
Are there any guaranteed benefits attached to the pension?
Is there a tax-free cash entitlement greater than 25% of the pension?
What are the annual management charges, and are there any other charges?
Would the transfer value be the full value of the pension?
Will transferring have any effect on the minimum age I can access my pension?
Once you have this information, you can arrange a transfer to Aviva or contact a financial adviser.
If you leave Iron Mountain for another employer, you can keep the pension with Iron Mountain or transfer it to your new workplace.
Visit the Aviva website to arrange a pension transfer.
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Investments
Your Iron Mountain pension will be invested in the default fund, the Aviva Future Focus Universal Strategy.*
This fund is life-styled, meaning the investment strategy will change over the 10 years leading up to your retirement. (Retirement at age 65 is standard, but you can adjust this age with Aviva.) Your pension’s initial “my future growth fund” features a wide mix of assets to provide long-term growth. As you get closer to retirement, your money is moved into “my future consolidation fund,” which has more defensive assets (i.e., lower risk) to give you more security.
The Aviva Future Focus Universal Strategy is considered a reasonable option for most people, but other options allow you to choose from a broader range of investments based on your risk level or beliefs. Learn more about Aviva’s Stewardship funds and the Shariah fund.
*If you joined your pension before June 2020, your investments automatically moved to this default fund as of November 2020 unless you chose a different investment fund.
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How to change your contributions
You can change your pension contributions at any time on the Flexible Benefits website or by calling 01252 767 058.
You can also make one-off personal contributions directly to Aviva, but specific tax rules may apply.
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Withdrawals
You can withdraw money from your pension beginning at age 55. Generally, 25% of your pension will be tax-free, with the remainder counting as income and subject to income tax.
After you withdraw this 25% of your pension, you have three ways to access the rest of your money:
Flexible access/drawdown: You take your money gradually, allowing the rest to remain invested and continue to grow. It can be hard to know how your investments will do and if you’ll have enough money to last the rest of your life — but if you have money left over, you can leave it to someone.
Cash: You can take your money as one lump sum, but you might get a big tax bill. To avoid that, you can take smaller lumps over time, but again, it’s hard to know how long it will last.
Annuity: An insurance company can give you a guaranteed income for the rest of your life, but this amount will be less than the drawdown and cash options.
If you’re not sure which option is best for you, you can split your money across these options. For more information, visit The Pensions Advisory Service or consult a financial adviser for a recommendation. You can also learn more by watching this video.
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Get started
To access your pension, create an account on the Aviva website. If you need help, contact Aviva at contactus@aviva.com or 0800 285 1088.
Leaving Iron Mountain?
If you leave Iron Mountain, the Company contributions will stop. You can either continue contributing to your pension or transfer it to a pension at your new workplace, at no cost.