Making contributions

As a member of the Plan, you pay contributions at the rate of 4% of your Plan Salary. The Company will also contribute 4% to your Retirement Account. You may also make additional contributions and the Company will match any regular additional contributions you are making above 4% up to an overall maximum Company Contribution of 10%.

You may pay contributions up to a total of 100% of your Plan Salary on the condition that you are able to meet your other financial commitments from your salary (such as the payment of National Insurance). You should also give consideration to the Annual Allowance and Lifetime Allowance if you are a high earner and thinking about making substantial contributions.

You may increase or decrease your contribution rate subject to giving appropriate notice. If you would like to change your investments you need to do so through the Your Total Reward website.

There are two specific enrolment windows during which you are able to amend your contributions.

Annual enrolment - opens each year during November only. (More information is available on the Your Total Reward site).
Life event - a defined life changing event such as a promotion, moving house, getting married, having children etc. Please see the Your Total Reward site for more details on this.

Your contributions will be deducted from your pay before tax, giving you tax relief at your highest rate. Therefore, for example, if you pay tax at the rate of 20%, every £1 that you contribute only costs you 80p. If you are a higher rate tax payer, the net cost of every £1 you pay is only 60p.

In addition you are able to save National Insurance when making your pension contributions – see Salary Sacrifice.