How it works

Learn how the Wincanton Pension Scheme supports your future, whether you're in the DC or DB section - or both.

At Wincanton, we believe in supporting you not just during your working life, but for what comes next. The Wincanton Pension Scheme (the Scheme) is designed to provide valuable benefits to help you make the most of your retirement when the time comes.

A pension is a tax efficient, long-term way to save for your future, giving you an income in retirement and options to support your loved ones if anything happens to you. It’s an important benefit offered to you, which the Company contributes to as well. The Government also helps you save, as any pension contributions you make are usually tax-free.

DB and DC sections explained

The way your pension works depends on which section of the Scheme you’re in. Some members may have benefits in both sections. 

For the DC section of the Scheme, the Normal Retirement Age is age 65. However, members can choose to override this by selecting a Target Retirement Date (TRD) of their own. If you’re invested in one of the lifestyle strategies, choosing a TRD will affect how your funds are invested as you approach retirement.

For the DB section, the Normal Retirement Age depends on when you joined the Scheme, but typically is age 62 or 65.

If you’re approaching age 55 or over, you can contact Capita using the contact details on our Contact Us page, or via the Online Portal for an estimate of your pension options.

Read below to find out more about each type of pension benefit and how they work or watch the workplace pension video below.

  • DC section
  • DB section

Defined Contribution (DC) section

If you’re an active member in the DC section, you and Wincanton make regular contributions to your pension account. Your contributions benefit from tax-relief from the Government. This money is invested to help it grow over time.

When the time comes to take your pension, you can choose how and when to use it, including taking a cash lump sum, buying a regular income from an insurance company (an annuity), or drawing a flexible income amount as and when you need it.

Find out more about your options at retirement here.

Key things to know about DC benefits:

  • Your pension contributions are usually deducted from your monthly salary, but the Company contributions to your pension are an extra benefit (in addition to your salary) 
  • Any pension contributions you make are normally tax-free and you can also make National Insurance savings by participating in Smart Pensions
  • You can choose how your pot is invested, or there is a default option if you don’t want to make this decision 
  • Your pot grows through contributions and investment returns - the more you save and the better your investments do, the more you get at retirement
  • You can usually access your pension from age 55 (rising to age 57 from April 2028), and you may be able to take your pension and keep working if you wish (subject to HMRC rules)
  • You decide how to take your benefits when the time comes, including the option to take an element up to 25% of your savings as a tax-free cash lump sum 
  • You can nominate who you want to receive your benefits if you die before taking them 

You can find all the details on the DC section in the Member Booklet.

There’s also lots of helpful, general information about DC pensions on the MoneyHelper website.  

Use the member portal

The member portal is the easiest way to manage your DC pension. Here’s what you can do on the portal:

  • Check the current value of your pension account
  • View and download your annual benefit statement
  • Review and change your investment choices
  • Update your personal details and nomination of beneficiary form
  • Use tools to explore how much money you could have in retirement

Login or register

If you haven’t registered for the portal yet, it won’t take long. If you need more help, you can look at our registration guide.

Defined Benefit (DB) section

If you’re in the DB section, you built up a guaranteed pension that was based on your pay and how long you worked for Wincanton. This will be paid to you once you retire as a regular amount for the rest of your life. For most members, a guaranteed, regular pension will also be paid to their spouse or partner after they die.

The DB section of the Scheme closed on 31 March 2014. If you haven’t already retired, this means that the DB pension you built up to that date has been “banked”. It now increases in line with the cost of living (up to certain limits) until it is due to be paid to you, so it is worth a similar amount in future. You can no longer build up extra DB pension benefits, but you may be eligible to join the DC section if you still work for Wincanton.

The Trustee looks after the Scheme and has a fund set aside to pay the DB pensions due to all members. They manage this for you, so you don’t need to choose or manage any investments. Your pension will automatically be paid to you once you reach Normal Retirement Age. Alternatively, you may be able to transfer your DB benefits or draw your pension earlier or later than your Normal Retirement Age. If you have DB and DC benefits there will be more options at retirement and it is worth checking with Capita what these are.

If you were a member before the closure and you hadn’t started to receive your pension, you will have received a leaver statement confirming the benefits you accrued up to the date you left, along with your available options.

If you haven’t started receiving your DB pension yet and you want to find out how much you might receive at retirement or to request an estimated transfer value, please contact Capita. You can request one free transfer quote every 12 months.

Key things to know about DB benefits:

  • You’ll receive a regular income in retirement, usually paid to you monthly, which may increase each year
  • You can exchange some of your pension for a tax-free lump sum at retirement
  • Options like early retirement, late retirement or transferring to another pension plan may be available
  • Your benefits are not linked to investment performance
  • You can no longer contribute to the DB section or build up extra DB benefits, but you may have a pension in the DC section if you worked for Wincanton after 31 March 2014

You can find out more general information about DB pensions on the MoneyHelper website.

Use the member portal

The member portal is a secure, easy way to manage your DB pension. Here’s what you can do on the portal:

  • Check your pension payslip and P60s if you’ve already started to receive your DB pension
  • Update your personal details
  • Nominate beneficiaries
  • Send secure messages to the admin team

Login or register

If you need more help, you can look at our registration guide.

Not sure which section you’re in?

Some members have DC benefits, some have DB benefits, and some may have both. If you have received any letters from us in the past, these should explain which section applies to you.

If you're still working for Wincanton and contributing to the pension scheme, you will have DC benefits. As the DB section was closed on 31 March 2014, you will only have DB benefits if you joined Wincanton before this date. Some colleagues may have both a DB and DC section benefit. If this applies to you, all the information on this site is relevant.

If you’re still not sure which section applies to you, you can check by logging into the pension portal or contacting the Capita administration team for help via the member portal.

If you’re thinking about retirement, visit the Retirement Hub for helpful information, options and next steps.

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