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

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 responsibilty for the Defined Benefit Plan deficit funding)

Ministers' Section 8% 10% 9%
Staff Section 8% 10% 9%
Basic Section 5% 5% 5%