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
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
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 |
| Minister's Section | 8% | 10% |
| Staff Section | 8% | 10% |
| Basic Section | 5% | 5% |