%£
these
changes
costing
your rate
of contributions
me
The core principles which the Scheme has been
designed around are that there should be no
increase in the cost of the Scheme to the majority
of its membership.
The average contribution rate across all funds will
remain at 6.5%, however one important change to
note is the way part time members will have their
contribution rate assessed. Contribution rates will
be determined by actual pay and not whole time
equivalent pay. This could mean many of our part
time members will pay less.
The following table shows the 9 different contribution
bands rating between 5.5% and 12.5%.
Pay bands will be increased every April in line with
the Consumer Price Index rate of inflation.
BAND
In general it will be the higher paid members of the
Scheme who will contribute more.
Pensionable Pay Contribution
2014/2015 Rate
1 Up to £13,500
5.5%
2 Above £13,500 up to £21,000
5.8%
3 Above £21,000 up to £34,000
6.5%
4 Above £34,000 up to £43,000
6.8%
5 Above £43,000 up to £60,000
8.5%
6 Above £60,000 up to £85,000
9.9%
7 Above £85,000 up to £100,000 10.5%
8 Above £100,000 up to £150,000 11.4%
9 More than £150,000
6
Pensionable
Assessing
What are
12.5%
Each April, your employer will determine your
contribution rate for each employment by matching
your actual pensionable pay to the appropriate band
in the contributions table.
If your pay changes during the year, your employer may
decide to review your co