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 contributions at the rate of 8.2% (10.7% for members of the Principal Non-Industrial Superannuation Scheme) of pensionable pay if the pensionable pay is £21,000 or more. If your pensionable earnings are between £15,000 and £20,999 contribution would be 6.5% of pensionable pay. If pensionable pay is less than 15,000 you would pay 5% of pensionable pay. Contribution rates are determined by the member's full time equivalent rate of pensionable pay.

Members working part time pay contributions on their actual pensionable earnings.  Benefits are calculated on the full time equivalent pensionable pay with an appropriate adjustment to reckonable service. 

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.