Although it may seem that you’re paying a large percentage of your pay towards your pension, your pension contributions are not taxed and therefore your contributions actually cost you less than the rate shown on your payslip. Your tax is worked out on your pay after your pension contributions have been taken.
If you’re an existing member of classic, classic plus, premium, nuvos or alpha you can choose to switch to the partnership pension account. With a partnership pension account, you decide how much you contribute. You don’t even have to make any contributions yourself and your employer will still contribute. If you do decide to contribute, your employer will also match your contribution up to an additional 3%.
To switch to the partnership pension account, you must complete a Pension Switching form that can be found on the Member Forms page and return it to your employer two months before the date you want to switch. You don’t need to complete an opt-out form if you want to switch.
Further information about the partnership pension account can be found on the dedicated partnership pension account page.