Company contributions

The Company makes contributions of 20% of pensionable salaries into the Contribution Reserve Account (CRA). This used to be 30%, but it was reduced in August 2024 because, as the 2023 valuation confirmed, the Fund is in a strong financial position. The Company has no plans to change members’ contribution rates.

As reported in last year’s Source, because the SCPF’s funding is strong, we and the Company have agreed that past contributions to the CRA are not needed and can be returned to the Company over three years if the funding level remains strong during that time.