Your contributions

In order that the pension scheme can provide the benefits you are earning for each year of service, you and your employer pay monthly contributions into the pension scheme.

Your contribution rate is 5% of Pensionable Salary, deducted from your monthly earnings and paid directly into the pension scheme.

The sponsoring employer is responsible for the balance of the cost to provide your benefits at retirement. The employer contribution rate is assessed by the Scheme Actuary as part of the triennial actuarial valuation of the pension scheme.

Pensionable Salary includes salary, bonus and overtime over a year ending 31 March.

Under this arrangement, members can choose to receive a lower salary and the employer makes an additional discretionary contribution on the member's behalf into the pension scheme.

For more details see here.

2020 Wise Owl Solutions. All Rights Reserved.