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’ SectionMember'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:
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 SectionMember'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:
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 SectionMember'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:
Summary
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