At April 1st 2025:
- the contribution rate for the DB core element is set at 4.7% of DB core pensionable earnings*
- the default DC member contribution rate has been set at 7% of the DC top pensionable earnings
*DB core pensionable earnings is £25,836.00 as at 1 April 2025 (or pro-rated if you work more or less than 37 hours per week).
You can amend what you pay into your DC pot at any time by completing the completing the online application form. You can pay between 3% and 7% into the pension scheme. The company will pay in double what you pay. You can pay more than 7% but this is classed as Additional Voluntary Contributions (AVCs) and is not matched by the Company.
Additional Voluntary Contributions (AVCs)
- You can change/commence AVCs by completing the online application form.
- You receive tax relief on AVCs and if you are in PensionSaver* you will also pay less national insurance so it may not cost as much as you think
- AVCs are added to your DC pot and treated like any other contribution
- The maximum that you can pay into the Scheme (and any other pension arrangement) on a tax efficient basis is restricted by the annual allowance. Please read the annual allowance leaflet for further information
*You can start/stop or amend your AVCs at any time. Any regular monthly AVCs will be made under PensionSaver if you are already in the PensionSaver scheme and make amendments on 1 April or due to a lifestyle event. If you pay a one off lump sum or change the amount and it is not because of a lifestyle event you will be opted out of PensionSaver on the AVC until the renewal date of 1st of April.