Contributions
As a member of the SCPF, you make contributions based on your Pensionable Salary and the Employing Company pays the balance required to secure your benefits.
How much do I pay?
How much do I pay?
Your contributions are:
Pensionable Salary up to £30,000 p.a. = 2%
Pensionable Salary over £30,000 p.a. = 6%
Salary Sacrifice
Salary Sacrifice
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.
How much does the Company pay?
How much does the Company pay?
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.
Can I pay more?
Can I pay more?
Yes, you can pay Additional Voluntary Contributions (AVCs). These are designed to help you build-up extra pension as a top-up to your main SCPF pension.
