How Much will it Cost?

Ministers’ Section

As a member of the Ministers’ section, you contribute to the scheme at the rate of 8% of your pensionable income. Your pensionable income includes an element for accommodation, usually the notional value of a manse. All of these contributions are credited to your pension account.

Your employer contributes an additional 10 % of your pensionable income. From this, 6% of your Pensionable Income is credited to your pension account. The remaining 4% is used to pay for

  • Insuring the lump sum death benefit
  • Insuring the income protection benefit (which legally has to be separate from the Baptist Pension Scheme)
  • Administration costs

Staff Section

As a member of the Staff section, you contribute to the scheme at the rate of 8% of your pensionable income. All of these contributions are credited to your pension account.

Your employer contributes an additional 10 % of your pensionable income. From this, 6% of your Pensionable Income is credited to your pension account. The remaining 4% is used to pay for

  • Insuring the lump sum death benefit
  • Insuring the income protection benefit (which legally has to be separate from the Baptist Pension Scheme)
  • Administration costs

Basic Section

As a member of the Basic section you contribute to the Scheme at the rate of 5% of your Pensionable Income. All of these contributions are credited to your Pension Account.

Your Employer contributes an additional 5% of your Pensionable Income. From this, 4% of your Pensionable Income is credited to your Pension Account. The remaining 1% is used to pay for

  • Insuring the lump sum death benefit
  • Administration costs

Summary

Section Your Contribution Your Employer's Contribution
Ministers' Section 8% 10%
Staff Section 8% 10%
Basic Section 5% 5%