Membership & Contributions

Your contributions

Most members of Plan 35 are contributing 10% of Pensionable Pay.

However, certain members who joined the Fund before 1988 may be contributing at a different rate. For further information please contact the Pensions Department.

Pensionable Pay

This is your annual basic salary or wages, overtime and certain other payments, less the amount of the single person’s Basic State Pension. In determining Pensionable Pay, from 6th April 2000, only part of the single person's Basic State Pension will be deducted for part-time employees. The proportion of pay, which is pensionable, will then be broadly equivalent to that of full-time employees on the same pay scale.

Tax relief

Your contributions enjoy full tax relief. They are paid into the Plan before you pay income tax.

Lower National Insurance contributions

As a member of Plan 35, your National Insurance (NI) contributions are reduced because you are contracted-out of the State Second Pension (S2P).

Company contributions

The Company contribution is not a fixed percentage. It contributes whatever is needed (over and above the members’ contributions and any income from the Fund’s investments) to ensure there is sufficient to provide the benefits of all Scheme members and their dependants.
 

© Clarks Pensions 2014