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 10% of your pensionable income, of which 6% goes to your pension account, with the remaining 4% 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
Section | Employer Contribution | Employer Contribution (if no responsibility for the DB Plan deficit funding) | Member Contribution |
Minister's Section | 10% | 10% | 8% |
Staff Section | 10% | 10% | 8% |
Basic Section | 5% | 5% | 5% |