As a member of the Combined Pension Scheme you would pay contributions at the rate of 5% (7.5% for members of the Principal Non-Industrial Superannuation Scheme) of your pensionable pay. In additional further contributions are payable at the rate of 3.2% (for those earning£21,000 or more) and 1.5% for those earning between £15,000 and £20,999. Members who work part time hours will have the rate of the further contribution determined by their full time equivalent rate of pay, but the further contributions will be deducted from actual pensionable earnings. Members can obtain more information about how these changes affect them by contacting the scheme administrators .
Your contributions to the Authority Pension Schemes qualify for tax relief. See below for details of the tax position.
The Finance Act 1989 introduced an earnings cap for pension contributions and benefits.
If you joined the UK Atomic Energy Authority pension schemes on or after 1 June 1989 or choose to be considered as though you had joined after this date, your contributions and benefits would be based on earnings which are not more than the maximum level of earnings set by the government each year. Any earnings in excess of the “earnings cap” are ignored for the pension purposes. For the 2016/17 tax year, the "earnings cap" is set at £ £150,600 a year.
Your employer pays a contribution towards the cost of providing your benefits from the Authority Schemes at a rate recommended by the Scheme's actuary.
Tax relief is available on the following:
Prior to 6 April 2016 the Scheme is contracted-out of the Second State Pension (S2P), and as a result members paid lower national insurance contributions.
From 6 April 2016 with the introduction of the Single Tier State Pension, contracting out arrangements will cease and members of the UKAEA Pension Schemes will be required to pay the full rate national insurance contributions.
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