PayPal Pension Plan

What you need to know

Plan for your retirement now, so you can enjoy your life later. Build financial security with the PayPal Pension Plan — your future source of retirement income. The Plan, provided by Scottish Widows, allows you and PayPal to invest monthly contributions to a pension fund for your retirement.

Pension Plan contributions

PayPal will match your contributions to the Plan, up to a maximum of 9% of your gross salary. You may make additional contributions above 6%, but PayPal will not match these.

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As a new member of the Plan, your funds will be allocated to the PayPal Default Lifestyle Fund. You may choose to keep your account balance in this default fund or re-allocate your money, choosing from a full range of investment options available under the Plan.

For more information on your investment choices, check out these documents:

  • Fund Guide: Provides information on the different fund choices that are available to you
  • Introduction to investing: Explains the different types of investment choices available to you and how they work
  • Investment choices: Lists the pension fund choices that are available to you and the total annual fund charge for each fund

Once enrolled in the Plan, you may choose to change your contribution at any time. To change your employee contribution, complete the Pension Form and send it to HR Hub. Be sure to check your next pay slip to see that the change has been made.

Joining the Plan

Per government regulations, you’re automatically enrolled in this qualified retirement savings plan if you:

  • Are age 22 or older;
  • Are under State Pension age; 
  • Earn more than £10,000 per year; and
  • Work, or usually work, in the UK.

If you meet the above criteria, you’ll be auto-enrolled at a minimum contribution rate of 4% of your gross salary, with PayPal contributing 6% to the Plan. If you don’t meet the above criteria, you won’t be auto-enrolled — but you may still enrol by contacting HR Hub.

If these criteria apply to you at a later date — for example, when you reach age 22 or start to earn more and are not already a member — PayPal will auto-enrol you at that point.

If you do not wish to participate in the Plan after auto-enrolment, you may opt out within the first three months and receive a refund of contributions. The opt-out period starts from the date you receive joining information from Scottish Widows, or the date you first receive written enrolment information, whichever is later. To opt out, call the Scottish Widows support centre at 0800 030 4428, and they will discuss the implications of opting out. If you wish to proceed, you can complete the opt-out process over the phone.

Nearing retirement?

Familiarise yourself with what you need to consider as you approach retirement. PayPal’s Retirement Guide can help you understand your retirement benefits and the steps you need to take to prepare for it.

Read the Retirement Guide

Choosing your beneficiary(ies)

If you die before you take your retirement benefits, the value of your savings plan provides a cash sum or pension for your beneficiaries. Proceeds will normally be tax free. By completing and returning a Nomination of Beneficiaries form, benefits from the pension plan may be paid in accordance with your wishes. Although we are not bound by your request, we will usually respect your wishes. You can change or revoke your nomination at any time by contacting Scottish Widows.

Provider contact information

PayPal UK Pension Plan (including Smart Pensions)

Scottish Widows

Calling from abroad: +44 124 266 6271
Monday to Friday, 8.00 a.m. to 5.30 p.m.