Membership & Contributions

If you are aged between 18 and 64, you will be invited to join the Clarks Flexible Pension Scheme as soon as you start working for the Company (or first become eligible).

The Scheme has two sections: the Investment Related Section (formerly known as the money purchase section) and the Pay Related Section (formerly known as the final salary section). The design of the two sections and the way benefits are calculated are very different; click on the relevant section to find out more.

You can choose whether you would like to allocate all your member and Company contributions into either the Investment Related Section or Pay Related Section. If you want to, you can also pay contributions into both sections.

The most you can pay into the Pay Related Section is 30% of your Contribution Pay.

It is up to you how much you pay into the Scheme. The minimum contribution is currently 2% of Contribution Pay.

Clarks will also pay into the scheme for you; how much depends on how much you pay. Clarks will pay 1 ½ times your contribution up to a maximum of 9% of Contribution Pay, as illustrated in the table below.

Your Contribution Clarks' Contributions Total Contributions
2% 3% 5%
3% 4.5% 7.5%
4% 6% 10%
5% 7.5% 12.5%
6% 9% 15%
7% 9% 16%

You can change how much you pay and into which section you invest at anytime during the year, but you must give the Pensions Department two months’ written notice of any change. However, you cannot move existing monies between sections.

On joining the Company, or becoming first eligible, you will be sent an application form which you must return to the Pensions Department within three months. If you do not return the application form you may not be able to join the Scheme in the future. Instead, depending on your age and earnings, you may be automatically enrolled into NEST.

If you decide to withdraw from the Scheme, but do not leave service with the Company, you must give at least one month’s notice to the Pensions Department. If you later decide you wish to re-join the Scheme, you may only do so if the Company and the Trustee agree. Your membership may be subject to special terms.

© Clarks Pensions 2014