There are two elements of the Citigroup Global Markets Ltd Pension & Life Assurance Plan to be aware of.

You might not have all these elements to your pension, so make sure you login to MyCitiPension to check what's relevant to you.

  • Your defined benefit pension

    Defined benefit (or DB) pensions are a type of pension worked out with a formula based on:

    • how long you've been a member of the Scheme
    • your salary when you retire (or when you leave Citi, if that comes first)

    That means you don't pay anything in from your salary, unless you want to build up extra.

    Your Normal Retirement Age - or NRA - is age 60 (for some people, it'll be 65).

    You can take your pension benefits earlier if you want to, any time from age 55 (increasing to 57 from 2028), but that will be known as 'early retirement'. That could mean a reduction in the pension you receive, because you'll be receiving it for longer, and you won't have built up as much in the Scheme.

  • Your defined contribution pension

    Some members of the Scheme have what are known as defined contribution (or DC) savings too.

    They're slightly different from DB savings, in that what you get when you retire is based on:

    • what Citi pays in
    • What (if anything) you choose to pay in too
    • how your investments perform
    • how you take your savings when you retire

    Your Normal Retirement Age - or NRA - is age 60 (for some people, it'll be 65).

    You can take your pension benefits earlier if you want to, any time from age 55 (increasing to 57 from 2028).

    You can have DC benefits with the Scheme by paying Saver contributions into your MPP Account or Additional Voluntary Contributions (AVCs).

  • You can have just have a defined benefit pension or also the defined contribution pension in addition under the Citigroup Pension & Life Assurance Plan
  • You may also be making Additional Volunatary Contributions (AVC's) on top of these too.
  • If you're not sure what kind you have in the CGML Scheme, go to MyCitiPension and log in to find out.

What else should I know?

If you make contributions to the Scheme, you'll pay those through something called salary sacrifice, rather than directly out of your salary.

This saves you and Citi money because income tax and National Insurance Contributions are based on your earnings and so by agreeing to lower your salary by the amount being paid into the Citi Plan, both you and Citi reduce the amount they have to pay.
More detailed information about how salary sacrifice works can be found on MyCitiPension.

Back to basics

Knowing what a pension plan is and how it works is the first step in making plans for the future.

 Find out more

Investment Basics

Depending on your type of savings you have, where you choose to invest your money can make a big difference.

 Find out more

What about tax?

Make sure you know the rules about tax on your pension.

 Find out more