The table below shows the contribution rates from April 2024 to March 2025 if you are in the main section of the Scheme. If you work part-time, it is your actual part-time pay that decides the pay band you fall into. The pay bands will increase each April in line with inflation.
| Pensionable Pay | Contribution Rate |
|---|---|
| £0 to £18,000 | 5.5% |
| £18,001 to £27,700 | 5.8% |
| £27,701 to £46,300 | 6.5% |
| £46,301 to £56,300 | 6.8% |
| £56,301 to £111,700 | 8.5% |
| More than £111,700 | 10.5% |
As a member of the Scheme, you will receive tax relief on your contributions.
Example 1 – contribution rates in the main section
Alice works full-time and earns £24,000 a year.
She will pay 5.8% of her pay, making her monthly contribution £116. If she worked part-time and earned £12,000 a year, she would pay 5.5%, making her monthly contribution £55.
Reducing your contributions
The Scheme has a 50/50 section which means that you can choose to pay half the contributions and build up half the amount of pension. However, you will still keep the full value of life cover. This can be used as a short-term option if your financial circumstances are difficult, instead of opting out of the Scheme.
The table below shows the contribution rates from April 2024 to March 2025 if you are in the 50/50 section of the Scheme. The pay bands will increase each April in line with inflation.
| Pensionable Pay | Contribution Rate |
|---|---|
| £0 to £18,000 | 2.75% |
| £18,001 to £27,700 | 2.90% |
| £27,701 to £46,300 | 3.25% |
| £46,301 to £56,300 | 3.40% |
| £56,301 to £111,700 | 4.25% |
| More than £111,700 | 5.25% |
If you are using the 50/50 section your employer will automatically put you back into the main Scheme at regular intervals, usually at your employer’s automatic re-enrolment date. You can choose to opt back into the 50/50 section again if you wish.
Your pension will not build up as quickly while in the 50/50 section.
Example 2 – contribution rates in the 50/50 section
Bob earns £15,000 a year and will pay contributions of 5.5% i.e. £68.75 per month while in the main Scheme.
If he chooses to move to the 50/50 section he will pay 2.75%, reducing his contributions to £34.38 per month.
If Bob stays in the 50/50 section for a year he will build up £153.06 of pension instead of £306.12, which he would have built up if he had remained in the main section of the Scheme.