How much does it cost?

How Much does it Cost?

Contributions are paid on a monthly basis by both the employer and the employee.

The Ministers’ Section

Member's contribution - 8% of pensionable income (which in the case of a church minister, will usually include an element for the notional value of a manse), all of which is credited to the member's pension account.

Employer's contribution - 10% of pensionable income. From this, 6% is credited to the member's pension account and the remaining 4% pays for:

 Insuring the lump sum death benefit

 Insuring the income protection benefit

 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.

The Staff Section

Member's contribution - 8% of pensionable income, all of which is credited to the member's pension account.

Employer's contribution - 10% of pensionable income. From this, 6% is credited to the member's pension account and the remaining 4% pays for:

 Insuring the lump sum death benefit

 Insuring the income protection benefit

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.

The Basic Section

Member's contribution - 5% of pensionable income, all of which is credited to the member's pension account.

Employer's contribution - 5% of pensionable income. From this, 4% is credited to the members pension account and the remaining 1% pays for:

Insuring the lump sum death benefit

Administration costs

Summary