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 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 |
| Contribution rate from 1 October 2010 | 3.75% | 6.00% | 8.25% |
| Contribution rate from 1 October 2011 | 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 |
| Contribution rate from 1 October 2010 | 7.00% | 9.25% | 11.50% |
| Contribution rate from 1 October 2011 | 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 |
| Contribution rate from 1 October 2010 | 16.00% | 18.25% | 20.50% |
| Contribution rate from 1 October 2011 | 17.50% | 19.75% | 22.00% |
The contribution rates shown in the tables above are inclusive of the 1.5% contributions for Adult Survivor's pension cover. Contributions in respect of Members who do not pay for the Adult Survivor's pension cover will be 1.5% lower than the rates shown.
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.