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
If your employer has no responsibility for the Defined Benefit Plan deficit funding, then its contribution will be 9% of your pensionable income, of which 6% goes to your pension account, with the remaining 3% used to pay for costs and insuring the lump sum death benefit and the income protection benefit.
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
If your employer has no responsibility for the Defined Benefit Plan deficit funding, then its contribution will be 9% of your pensionable income, of which 6% goes to your pension account, with the remaining 3% used to pay for costs and insuring the lump sum death benefit and the income protection benefit.
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 | Your Employer's Contribution (if no responsibility for DB Plan deficit funding) |
Minister's Section | 8% | 10% | 9% |
Staff Section | 8% | 10% | 9% |
Basic Section | 5% | 5% | 5% |