How much do I pay towards my pension?
|Pensionable pay band||Current rate||Contribution rate increase from 2014/15||Contribution rate 2014/15|
|Upto and including £15,000||11.0%||0.0%||11.0%|
|More than £15,000 and upto and including £21,000||11.9%||0.3%||12.2%|
|More than £21,000 and upto and including £30,000||12.9%||1.3%||14.2%|
|More than £30,000 and upto and including £40,000||13.2%||1.5%||14.7%|
|More than £40,000 and upto and including £50,000||13.5%||1.7%||15.2%|
|More than £50,000 and upto and including £60,000||13.7%||1.8%||15.5%|
|More than £60,000 and upto and including £100,000||14.1%||1.9%||16.0%|
|More than £100,000 and upto and including £120,000||14.5%||2.0%||16.5%|
|More than £120,000||15.0%||2.0%||17.0%|
As a member of the FPS you will pay a contribution of pensionable pay, as shown in the table above. Your Fire and Rescue Authority will pay a contribution of about 26.5% including additional charges for ill-health retirement benefits. In England, employees' and employers' contributions are determined by the Secretary of State on the advice of the Scheme Actuary who will have regard to the total cost of Scheme benefits, which will be reviewed regularly. Valuation of the NFPS is expected to take place every four years. Although due to the different funding system used in Scotland there is no formal employers contribution the employers cost of providing the scheme can be assumed to be the same as the employers contribution rate shown above. The pensionable pay upon which contributions are assessed is the amount determined in relation to the duties of the role. If you are part-time, contributions will be deducted on your part-time pay.
For anyone who first joined the Scheme after 31st May 1989 there is an earnings cap imposed by HM Revenue and Customs on pensionable pay. For tax year 2006/07 this was £108,600. This means that contributions will not be deducted, and benefits will not be assessed, on pay above this amount.
During paid maternity, paternity or adoption leave you would pay contributions on whatever rate of pay you receive. If a period of additional maternity or adoption leave is unpaid, you will have the option to pay contributions on the rate you were receiving immediately before your pay ceased.
If you have an unpaid period of absence for other reasons, you will have the option to pay contributions based on the pay you would have received but for the absence. The option to pay contributions in this case would be time limited. You would be required to pay the employee’s and employer’s contributions, although the fire and rescue authority may agree to pay the employer’s contribution for you, at their discretion. Contact your pension administrator for more information on these options.