The cost to you
Your contribution rate is based on how much you are paid. It’s currently between 5.5% and 12% of your pensionable pay. There are five tiers, with your contributions based on how much of your pensionable pay falls into each tier. If you join the 50/50 section of the Scheme, you would pay half the rates shown in the table below.
When you join, and every April afterwards, your employer will decide your contribution rate. If you have more than one job, your employer will set your contribution rate separately for each job. If your terms and conditions permanently change in the year which affect your pay, your employer must review your contribution rate.
The table below shows the pay bands and contribution rates that apply from April 2023.
|If your actual pensionable pay is:||You pay a contribution rate of:|
|On earnings up to an including £25,300||5.5%|
|On earnings above £25,301 and up to £31,000||7.25%|
|On earnings above £31,001 and up to £42,500||8.5%|
|On earnings above £42,501 and up to £56,600||9.5%|
|On earnings above £56,601||12%|
The contribution rates and pay bands are reviewed regularly and may change in the future. If you are a member of the Scheme, you should check your payslip to make sure that pension contributions are being taken.
You can use the Contributions calculator to see what contributions you pay based on your pay. You can use the calculator to see how your contributions are affected by your pay, tax relief and what section of the Scheme you are in.