Contributions
As a member of the SOCPF, 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%
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 SOCPF Actuary.
Can I pay more?
Can I pay more?
No, You cannot pay Additional Voluntary Contributions (AVCs) to the SCPF AVC arrangement while you are a member of the SOCPF. If you are a Linked Fund Member and were paying AVCs whilst a member of the SCPF, you must cease paying AVCs whilst a member of the SOCPF.
