Additional benefit flexibility option
If your Pensionable Salary is above the Contribution Earnings Threshold (which is currently £46,425) and you do not wish to pay the increased contribution of 7%, you can change your benefit accrual rate from April in each year.
You can elect to reduce your standard contributions to 6% of Pensionable Salary and earn future benefits on a lower accrual rate:
- 1/90th for pension and 3/90ths for lump sum for each year of Pensionable Service.
Once you have elected to move to 1/90th accrual rate, it will generally not be possible to reverse that election, unless there are exceptional circumstances (such as your earnings falling below the CET due to a change in working hours).
If you wish to elect this option you should contact the Pension Services.
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Frequent questions
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