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Xerox UK Pension Schemes

Xerox operates a competitive stakeholder pension scheme with our partners AEGON. This plan is available for our UK employees to save towards their retirement.

If you are a member of one of Xerox's historic plans please click here for more information.

About the Plan

The Plan's full name is the AEGON Stakeholder Pension Plan for Xerox employees.

It consists of two sections – The Main Section and The AE (Auto Enrollment) Section.

You can pay regular contributions to the Plan and you can also make lump sum contributions. Xerox will also pay contributions.

These contributions are invested in the investment options of your choice so that you build up your own pension account. The amount of pension income you receive will depend on the amount paid in, how well your investment grows and the amount deducted in charges.

At retirement, there are three main ways of taking your savings:

  • An annuity and/or

  • Flexi-access drawdown and/or

  • Uncrystallised funds pension lump sum (UFPLS)

If you leave Xerox before you retire, your pension account can be taken with you and you can continue to make contributions. Contributions from Xerox would cease upon your deprature.

Joining the Plan

All UK contracted employees are eligible to join the Main Plan and all you have to do is complete this form and submit it to AEGON. If you do not complete the form and you meet the criteria set by the UK government, you will be enrolled into The AE Plan automatically and your contributions will match those described by the government. If you want to join the Main Plan but forget to complete the form when you first join Xerox, you can do it at any time but your new contribution rate cannot be backdated so it’s best to get it done to maximize the company’s contributions.

Paying into the Plan

Both you and Xerox will pay contributions into your plan every month regardless of the plan that you are enrolled in.

The contributions to the AE Section are set by the government and, are liable to change from time to time. The current rate is:

  • 5% contribution by you

  • 3% contribution by Xerox

These contribution percentages apply to the part of your earnings set by the government.

The Main Section of the Plan offers greater flexibility and you can choose your own contribution rate:

The minimum contribution you may pay in each month as a member of the Main Plan is 3%.

The following table shows how much Xerox will contribute to your pension account, depending on how much you choose to pay. However, you should check with your manager what contribution rates apply to you.

These contribution rates will be calculated on your base salary. (If you were hired before 1st January 2009, contributions are based on your base salary plus 2/3 of your planned variable earnings.)

Your contribution

Xerox's contribution rate








5% *

7% *

12% *

6% *

8% *

14% *

* Employees joining The Main Section can only receive the corresponding higher company contribution rates – after completing 4 years’ and 6 years’ service respectively (before that it will cap at 6%).

The percentages will apply to your whole base salary (unless you were hired before 2009 – see your contract for more details)

Xerox reserves the right to amend this contribution structure from time to time to make sure we are providing a suitable plan.

Paying More

You may choose to pay more than 6% and, providing you pay through SMART, Xerox will add an 'uplift' of 10% of your contribution in excess of 6%. 

For example, if you choose to pay 9%, the company contribution would be its maximum of 8% plus an uplift of 0.3% (i.e., 10% of 9% minus 6%). So, the total contribution would be 17.3%.

You may also make extra one-off payments, either through payroll or by personal cheque direct to AEGON.

Contribution Small Print

All contributions must be expressed as a whole number percentage (before any uplift if relevant).

The maximum amount you save each year toward a pension from which you benefit from tax relief is subject to an Annual Allowance set by HMRC. This includes all contributions to all plans you may be in.

The minimum contribution is 3%

Your regular pension contributions will be made through Xerox’s 'salary sacrifice' arrangement, known as SMART. If you would prefer not to use SMART, simply send this form to AEGON.

Contribution choices can be changed from time to time through Xerox’s HRConnection system.

You can temporarily stop contributions to the Main Plan by contacting AEGON directly. If this lasts longer than 3 months you will automatically be moved into the AE Section in line with government requirements.

Leaving the Plan

Opting out of the Plan

You can opt out of The AE Section at any time after you have been automatically enrolled (you cannot opt out before you have been enrolled).

If you want to opt out of The AE Section, you should either:


If you opt out, you will be automatically re-enrolled at a later date (usually every three years after you become eligible for auto-enrolment), unless you hold Lifetime Allowance tax protection from HMRC and notify Aegon of this.

Leaving Xerox

Your pension account in The Main Section is not tied to your current job, so you may continue to pay your own contributions into your pension account even if you change your job.

Your pension account will continue to be invested and you can continue to switch between the different investment funds.

If your new employer offers a company pension scheme, it is usually best for you to join that scheme. However, you will need to consider your options at the time and may want to independent financial advice.

You may have the option of transferring the value of your pension account in the Plan to your new employer's pension scheme or to another pension arrangement.

Being a Plan Member

When you join the plan you will be able to access to AEGON’s online portal where you can see all your plan information and make changes such as switching investment funds, see key plan documents, and update your beneficiary details.

Investment Choices

With The Main and AE Sections, there is a wide choice of investment funds available for investing your pension account and all the details (including performance history and fund management costs) of the funds offered can be found on the AEGON portal.

If you would like to take an active role in selecting your investment options, you can choose to invest in one or more of the self-select funds offered.

However, for members who do not want to take an active role in managing their investment options, there is also a choice of three LifePath funds, where the investment of your pension account is managed automatically for you with appropriate changes being made as you get closer to your target retirement date. Again, full details of this can all be found on AEGON’s portal once you join.

If you are not sure which investment option(s) to choose, you should consider taking independent financial advice.

Previous Employment Pensions

You can transfer the value of previous pension benefits into The Main Section at any time.

If you want to transfer the value of another pension arrangement to the Plan, you will need to complete a Transfer form or contact AEGON directly

Various legal and regulatory requirements apply to transfers, and you may wish to get independent financial advice before doing so. Unfortunately, neither Xerox nor AEGON can provide this for you.

Absence from Work

Career break

If you take a career break, all payments into your pension account in The Main Scheme will normally stop until you return.

Family leave

During any period of maternity, paternity or adoption leave, you will continue to pay into your pension account in The Main Scheme.

Your payments will be calculated on the basis of your statutory pay and Company base pay that you receive during your leave period.

The company will also continue to pay into your account. The amount it pays will be calculated as if you were working normally and receiving your normal pay for doing so.

Overseas assignment

If you take a temporary assignment overseas with another Xerox company, you may, with the company's agreement, remain in The Main Scheme for the period of the assignment (subject to HMRC rules).

If you are transferred overseas permanently, you may not remain in the Plan but will be included in the pension arrangements of your new employing company.

Other Xerox Plans

This webpage is aimed at members of the AEGON Stakeholder Pension Plan for Xerox employees. If you were previously an employee of Xerox and had benefits in a different plan:

Xerox Final Salary Pension Scheme

Members of the XFSPS can find plan information through the Plan’s website or your individual member portal.

Xerox FundXtra

Xerox FundXtra members who did not choose an alternative option when Xerox FundXtra was wound-up were automatically transferred to the Legal & General Worksave Buy-out Plan.

Details of Legal & General’s contacts are as follows:

Postal address:

Legal & General Workplace Savings Employer Dedicated Team Brunel House Cardiff CF24 0EB


Telephone: 0345 070 8686