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

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

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