About the scheme
In a defined contribution scheme you and your employer contribute to build up a fund in your personal retirement account. You choose how the contributions are invested. For more information about your investment choices see Quick Links - DC Investment.
Because the Industry-Wide Defined Contribution Scheme is not contracted out of the state scheme some of your National Insurance contributions go towards additional benefits from the State Second Pension (S2P). For more information see Quick Links - State Second Pension.
When you retire you use your personal retirement account to buy an annuity from an insurance company to provide you with a pension for life. You can also choose to take up to 25% of your personal retirement account as a tax-free lump sum.
You can join if your employer has offered you membership of the Industry-Wide Defined Contribution Scheme.