As an employer, you will have to contribute a percentage of your employee’s salary to their pension pot and pay for lump sum life cover and accidental death.
The table below shows the minimum contributions you and your employees will need to pay. You can choose to pay in more if you want to.
| Date of Introduction | December 2016 to present |
| Employer Contributions | 4% of normal weekly pay or £10.24 per employee per week (whichever is higher) £2.56 per employee per week towards lump sum life cover and accidental death cover |
| Employee Contributions | 5% |
There is an Annual Management Charge (AMC) of 0.75% deducted from the total pension fund each year. For example if the total retirement pot is worth £5,000 the AMC would be £37.50. The Trustees review the charging structure on a regular basis.
Members who have chosen the Freestyle Option are entitled to switch investments twice per annum without an administration charge. Subsequent requests within a 12 month period may incur a charge, a decision which lies with the Trustee.
The Scheme’s Board of Trustee Directors reviews the charging structure on a regular basis.
