The rate of contributions you pay will be based on your actual pensionable pay and if you get paid non-contractual overtime you will also pay contributions on this pensionable pay. If you elect for the 50/50 section of the scheme you would pay half the rates listed below.
The contributions bandings are uprated each year in accordance with the Pensions (Increase) Act 1971.
Although the appropriate order is not expected to be laid before Parliament until mid-March, HM Treasury have released the spreadsheet with the cumulative PI multipliers relevant to this year’s PI Review. An updated contribution take for 2017/18 is below, this applies from 1 April 2017.
Your employer will decide the appropriate contribution rate for each employment by matching your actual pensionable pay to the appropriate band and section in the contribution table.
How often and when your contribution rate is reviewed is decided by your employer. If this results in a change to your contribution rate, they will let you know.