You do not have to contribute anything.

Your employer will pay an age-related contribution and if you do contribute, your employer will pay an additional amount to match your contributions up to 3% of your pensionable earnings.

Therefore, if you decide to contribute 2% of your pensionable earnings, your employer will pay an extra 2% of your pensionable earnings on top of the age-related contribution. If you decided to contribute 5%, your employer would pay an extra 3%, as the extra matching contributions are limited to 3% of your pensionable earnings. Your contributions will be based on your pensionable earnings, so if you are receiving reduced pay, you will only pay contributions on the pay you actually receive.

Published:
27 January 2022
Last updated:
27 January 2022