Pensions for colleagues
Last reviewed on 24 June 2018
Co-op’s pension scheme, called Pace DC, helps you save for retirement. Depending on how much you pay in, Co-op will contribute up to 10% of your pay.
If you want to join Pace DC
Everyone who works for the Co-op can join Pace DC. You’ll be automatically enrolled in the Pace DC pension scheme to contribute 2% of your pay if you:
- earn more than £10,000 per year before tax (this is based on your contracted hours and doesn’t include any overtime)
- are aged 22 or above (if you turn 22 when working for Co-op, you’ll be automatically enrolled in the scheme)
- are under the State Pension Age (from 2019, this will increase for both men and women to reach 66 by October 2020)
The Government is planning further increases, which will raise the State Pension Age from 66 to 67 between 2026 and 2028.
If you’re a Co-op colleague who hasn’t been automatically enrolled or has previously opted out, you can join the pension scheme at any time.
If you’re already a member of Pace DC
You can increase or decrease the amount you pay in Pace DC at any point by completing the increase or decrease my contributions form.
You can opt out of Pace DC at any time.
If you’re a member of Pace DB (formerly Pace Complete)
You can find out more information by visiting the Co-op pensions website.