Membership & Contributions

Plan 18 is now closed to new members.

Your contributions

You contribute 4% of your Pensionable Pay.

Company contributions

While you are a member of Plan 18, your Plan 18 account will also be credited with 6% of Pensionable Pay, at no cost to you.

Pensionable Pay

This is your annual basic salary or wages, overtime and certain other payments, less the Basic State Pension (calculated pro-rata for part-time employees).

Tax relief

Your contributions enjoy full tax relief. They are paid into the Plan before you pay income tax. In other words, part of your earnings that would otherwise have been paid as tax go towards providing you with a pension instead. If you are paying tax at 20%, it means that every £1 you pay into the Plan only costs you 80p in actual take-home pay.

© Clarks Pensions 2014