In short you and your Employer contribute into an investment account in your name. This is your DC Account. You have various options as to where your money is invested to build up income for your retirement in a tax efficient way. The benefits you eventually receive will rest on:

• The amount of contributions paid in
• The investment return on those contributions
• The effect of inflation
• When you access your DC Account
• The option you choose when you access your DC Account

You can also make regular additional contributions or one-off payments.

Death-in-service life assurance benefits are also provided.

Salary Sacrifice Members

If you participate in the Scheme under a Salary Sacrifice arrangement you forgo part of your gross salary and, in return you are relieved from the obligation to pay contributions to the Scheme – instead your Employer pays a corresponding contribution on your behalf.

The contributions paid by your Employer (including those paid on your behalf) are based on your Pensionable Salary before the Salary Sacrifice, and your benefits are also based on that level of Pensionable Salary (i.e. it is your basic salary before salary sacrifice that is pensionable).

For example, it follows that the death in service life assurance benefit, is unaffected by Salary Sacrifice and is based on your pre-salary sacrifice Pensionable Salary. However, a Salary Sacrifice member who ceases membership of the Scheme with less than 30 days’ Service will not be entitled to a refund of member’s contributions, because, under Salary Sacrifice you would not have paid any contributions yourself, they will have been paid by your Employer.