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How Pace DC works

Pace DC is a savings plan for your retirement.

Both you and the Co-op pay money into your Pace DC account each month. Once you’re a member of Pace DC you can choose to pay more into your account each pay period, or pay in a one-off lump sum when you can afford it, to help build up your pension savings.

This website has lots of information to help you understand how Pace DC works. You can start off by reading the Pace DC factsheet which gives a quick summary of the main features of Pace DC. You can also read the Pace DC pension guide which has more detail on Pace DC and the Pace DC fund guide which contains information on the investment choices in Pace DC.

The Pace DC pension modeller can show you:

  • How much it costs to be in Pace DC and how much the Co-op will pay in to help you save
  • How much you might get at retirement and what your options are.

What else do I get from Pace DC?

Pace DC gives you more than just money for your retirement. As well as getting extra money from the Co-op paid into your account, you’ll also get free life cover.

If you die before you’re able to take your pension savings, the money in your account will be paid to your beneficiaries (the people you’d like the money from Pace DC to go to when you die). And, if you’re paying into Pace DC, they’ll also get a death in service lump sum. The size of the lump sum depends on how much you’re paying into Pace DC:

  • 1% - 3% of Pay: 1 x Salary (or £5,000 if more)
  • 4% or more of Pay: 3 x Salary

Please see the Pace DC pension guide to find out more about the benefits provided on death or serious ill-health. If you join Pace DC, it’s very important to complete a Nomination form and send it to Legal & General, because this form tells us who you’d like the money from Pace DC to go to.