Your contributions
You can choose from two levels of contributions:

• 6.29% (7.29% from 1 October 2011) of Basic Salary for an annual pension accrual of 1/80th, or 
• 8.29% (9.29% from 1 October 2011) of Basic Salary for an annual pension accrual of 1/60th

The Scheme is flexible and allows you to change your level as your needs change. You will have the option to change annually. The change will become effective from the next April. The form to apply is available to download from the Forms section.

You can also pay additional voluntary contributions.

Income tax relief
Your contributions are deducted from your pay before tax is calculated; therefore, you automatically receive income tax relief at your highest rate.  SSome restrictions apply to high earners. 

National Insurance savings
As the Scheme is contracted-out of S2P, you also make a saving in National Insurance contributions.

Company contributions
The Company does not have a fixed contribution but pays the balance of the cost of the Scheme. The balance of cost is calculated by an Actuary, one of the Scheme’s specialist advisers.

How the contributions are used
Your contributions, together with those from the Company, are credited to the fund and are invested by the Trustees to provide benefits for all members in accordance with the Rules of the Scheme.