Your pension is not just another workplace benefit — it is something Advance secured, protected, and improved on your behalf through negotiations with Santander over many years. Advance was briefed recently on the ongoing management and delivery to the banks’ Lifesight pension provided to our members through Willistowerswatson.  The scheme is performing very well and helping ensure our members have a meaningful income as they move into older age.

It remains one of the most valuable parts of your overall reward package, and one that continues to make a real difference to members’ long-term financial security.

A pension built through union negotiation

The Santander pension scheme is not something that appeared by chance. It exists in its current form because your union:

• Negotiated strong employer contribution terms
• Secured access for colleagues to join and benefit from the scheme at no cost, should they wish to
• Ensured members can build a pension even from low or no initial contributions

This means that many colleagues are able to:

• Start contributing at a level that is affordable to them — including from very low or zero starting contributions
• Still receive meaningful employer contributions, helping to build their pension over time
• Increase contributions gradually as their circumstances change

This is a key example of how collective bargaining delivers real financial value for members.

Why this matters to you

Because of these negotiated terms:

• Your pension can grow faster than personal savings alone and is tax-efficient.
• Even small contributions can build into significant long-term value
• Santander is contributing alongside you, effectively adding to your overall pay package

For many members, this equates to thousands of pounds of additional value over their career.

Your pension today – LifeSight update

The scheme is now delivered through LifeSight (WTW Master Trust), a large, well-established provider:

• Around £3.2bn of assets under management
• Over 17,000 active members
• Long-term investment performance delivering strong growth over time

There is also ongoing investment in improving the service for members, including:

• Free financial coaching to help you plan for retirement
• A fully interactive mobile app to manage your pension
• New tools to help you understand if you are on track for retirement

Planning your retirement – support available

Through LifeSight, you now have access to:

• Guidance and coaching to help you make decisions
• Tools to check how your pension is growing
• Options to increase contributions when you can afford to

Further developments are also planned to make retirement planning even easier, including enhanced retirement guidance tools.

Advance message to members

This pension is a clear example of the power of being in a union:

• It was negotiated collectively
• It continues to be protected through engagement with Santander
• And it delivers real financial benefits to members every day

We strongly encourage all members to:

• Stay in the scheme
• Contribute what you can
• Make use of the tools and support available

Because this is more than just a pension — it is a benefit your union has secured to help you build a better future.