UKAEA Pensions

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Funding

United Kingdom Atomic Energy Authority final salary schemes

The United Kingdom Atomic Energy Authority pension schemes are unfunded statutory pension schemes and do not operate under an irrevocable trust. There are no trustees.

Members of the Combined Pension Scheme pay pension contributions of 5% of pensionable pay (7.5% contribution for Principal Non-Industrial Superannuation Scheme members) and the employer pays the balance of the cost of providing Scheme benefits based on a recommendation by the Scheme’s actuary.

AVC scheme and shift pay pension plan

The AVC Scheme and Shift Pay Pension Plan are money purchase arrangements. The principal assets are insurance policies with Prudential, the provider of these arrangements.

Only employees pay contributions to the AVC Scheme. There are no employer contributions paid into this arrangement.

With regard to the Shift Pay Pension Plan, if you are a member of the Plan your employer will contribute at the same rate payable to the final salary scheme subject to a minimum rate of 6% of pensionable shift pay. The cost of providing life assurance cover in the Shift Pay Pension Plan is paid for separately by your employer.