What are the Build up rates I may elect under Final Salary and what are the contributions?
You can currently change rates once a year on 1 October by completing the NAPS options form.
| All Staff – Plan 65 | |||
| Build up rates | Default rate 1/75 |
Faster build up option 1/67 |
Fastest build up option 1/60 |
| Percentage of pensionable pay that you pay | 5.25% | 7.50% | 9.75% |
| All Staff – Plan 60 | |||
| Build up rates | Default rate 1/75 |
Faster build up option 1/67 |
Fastest build up option 1/60 |
| Percentage of pensionable pay that you pay | 8.50% | 10.75% | 13.00% |
| All Staff – Plan 60 plus Option 55* | |||
| Build up rates | Default rate 1/75 |
Faster build up option 1/67 |
Fastest build up option 1/60 |
| Percentage of pensionable pay that you pay | 17.50% | 19.75% | 22.00% |
*Option 55 is now closed to new joiners but existing Option 55 members currently have the opportunity to switch off Option 55 within Plan 60.
NB - once you have joined
Plan 60
you cannot revert to
Plan 65.
Once you leave Option 55
you cannot rejoin Option 55.
There are special contribution arrangements for members whose pay is below a certain level. For more information see What are the special contribution arrangements for members who earn below a certain amount?