Yes. Really, you should consider the whole duration as the minimum – it’s not, but a pension plan is a commitment to Future You, so you should pick a monthly amount that you can reasonably expect to always be able to pay into your pension plan without any issues, and stick with the plan all the way through the whole duration – that is the route to successful retirement planning, at least in terms of the financial aspects. And in addition to your pension plan, have other savings and investments, including an emergency fund, which you can make withdrawals from when needed and/or stop paying into if your overall financial situation gets a little difficult, whilst leaving your pension plan intact for the full duration. That’s the way to fully optimise your pension plan


The actual minimum contract period is known as the “initial period” – this is the length of time you need to stick to the plan to be sure that your pension plan will always have some value, even if you stop paying in for whatever reason in future. The initial periods are different for each duration, and are detailed along with all other terms and conditions here: