The rate at which you build up your pension benefit is dependent on the level of contributions you pay. Over the course of your membership it is possible that you may have several different rates depending on the choices you have made. You can see the different rates you will have built up pension by selecting the appropriate contributions rates in the interactive tool below.
Please select your Pensionable Service:
Prior to 1 July 1988
1 July 1988 and 31 January 2007
1 February 2007 and 31 January 2008
1 February 2008 and 31 March 2010
1 April 2010 to 5 April 2016
From 6 April 2016
*Applicable to those who were not members of the Digital Pension Plan on 1 July 1988 but subsequently joined and after this date with a service credit.
Please select the contribution you paid for the period:
Final Pensionable Salary:
Each complete year
Each additional complete month
Members who pay contributions using the salary sacrifice facility will have an agreed reduction to their salary in return for membership of the Plan (this reduction is equal to the “contribution rate” required for various Accrual Rates as described above).
How does salary sacrifice work?
If you choose to pay contributions using this
facility the Company will pay contributions on your behalf in
exchange for your salary being reduced by the same amount.
Your pension benefits will be calculated based on your salary before any adjustment is made as a result of salary sacrifice. The salary used for this purpose is often called your notional salary.
As a result of receiving a lower salary (in return for the Company to pay contributions on your behalf), both you and the Company benefit from paying reduced National Insurance contributions. This is because National Insurance Contributions are payable on your reduced salary, not your notional salary.
The Company then increases its contribution by an amount equivalent to the amount of salary sacrificed. As your National Insurance contributions will be lower under this method of paying contributions, your take-home pay increases.
Please note that salary sacrifice may not be suitable for everyone.
Under current legislation, normal Plan contributions receive tax-relief at the highest rate of tax you pay.
There are limits, set by Her Majesty’s Revenue and Customs (HMRC), to the level of tax relief which you may receive on any pension savings which you can make. Please see the Limits and taxation section of this website for further information.
The Company meets the remainder of the costs for the benefits available. The Company’s contribution is agreed with the Trustee after consulting with the Plan Actuary and is reviewed regularly (every three years as a minimum requirement).
Members who chose to pay an additional 2.5% of Pensionable Salary (in addition to the basic contribution rates shown above) will maintain increases to their pension once in payment of Limited Prices Indexation (LPI) up to a maximum of 5% p.a.