You also pay reduced National Insurance contributions because the Fund is contracted-out of the State Second Pension.
If you work part-time you contribute 5% of your pro-rated pensionable salary.
Your employer makes contributions to meet the balance of the costs of the Fund. The Actuary regularly looks at funding levels and advises on how much each employer should contribute, so the amount can vary. At the moment the Fund is in deficit so:
You can find full details in the Trustees' Annual Report and Accounts, which can be found in Fund documents.
Contributions normally change in January of each year and are based on pensionable salary in the previous November.
Contributions remain the same for the calendar year unless working hours change. In this case they will be based on your pro-rated pensionable salary following each change.
Your contributions stop when you retire or leave service. While you are in service they will only stop if you:
You can increase your contributions by joining the Additional Voluntary Contributions Plan.
Occasionally, when changing jobs, your pensionable salary may fall. If this happens the pension that you have already earned is protected.