Your Employer will have advised you of your contribution to the Scheme. The standard minimum member contribution is 4.5% of Pensionable Salary (annual basic salary excluding any overtime, bonus or other fluctuating payments). Your Employer will also contribute a minimum of 4.5%, so that contributions in total of 9% will be paid into your DC Account. Your contributions will be deducted from your monthly pay.

In rare cases, a higher contribution may be needed to meet the requirements of the auto-enrolment legislation. Your Employer will tell you if this applies to you.

If you work part-time, your contributions will be based on the actual Pensionable Salary being received and not on your full-time equivalent salary.

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.

Tax relief?

The net cost of you contributing to the Scheme is considerably less than your gross contribution because you automatically receive tax relief through the payroll, currently, at the highest rate of tax you pay.

Can I make additional contributions?

You are able to make additional contributions provided that the Trustee consents. This can be in the form of additional regular contributions and also one-off additional contributions. In order to increase your member contributions or to arrange for payment of a one-off additional contribution, you must complete an Additional Contributions Form.

Other schemes?

You may also join – and make contributions to – other registered pension schemes outside of the Scheme, such as a personal pension, whilst remaining a member of the Scheme. Bear in mind that you will not normally receive tax relief on any contributions in excess of 100% of your earnings in any one tax year.

State Pension

The amount of your State Pension depends on a number of factors. For further information, please visit www.gov.uk/state-pension.