What are the Build-up rates I may elect under Final Salary and what are the contributions?
The table below shows the different pension Build-up rates you can choose and how much this will cost you (as a percentage of Pensionable pay):
You can change rates once a year on 1 July by completing the NAPS options form.
| All Staff – Plan 65 | |
| Contribution rate (% of Pensionable pay) | Build-up rate |
| 5.25% (standard) | 60 (standard) |
| 8.25% | 56 |
| 11.25% | 52 |
| All Staff – Plan 60 | |
| Contribution rate (% of Pensionable pay) | Build-up rate |
| 8.5% (standard) | 60 (standard) |
| 11.5% | 56 |
| 14.5% | 52 |
| All Staff – Plan 60 plus Option 55 | |
| Contribution rate (% of Pensionable pay) | Build-up rate |
| 17.5% (standard) | 60 (standard) |
| 20.5% | 56 |
| 23.5% | 52 |
NB once have joined Plan 60 cannot revert to Plan 65.
If you do not pay for spouse's/surviving dependant's cover the rates are 1.5% lower Pensionable pay is shown at the bottom of your payslip.