Contributions

Your contributions are:

Pensionable Salary up to £30,000 p.a. = 2%

Pensionable Salary over £30,000 p.a. = 6%

From 1 April 2016, your contributions to the SCPF are paid via a salary sacrifice arrangement (unless you take action to opt-out). Under a salary sacrifice arrangement you agree to give up (sacrifice) part of your salary, equivalent to the amount of your contribution. In return the Company agrees to make your contribution on your behalf. By paying in this way, you pay less National Insurance.

The Company pays the ‘balance of cost’, which is the amount required in addition to your own contributions and investment gains, in order to pay your benefits. This amount varies and is agreed between the Company and the Trustee, having taken advice from the SCPF Actuary.