How much does it cost?
Both you and the Company pay into the Scheme to provide you with pension and life assurance benefits. The cost of the benefits provided by the Scheme is significantly more than the cost of your contributions that you will pay.
To find out how this works, please click on the elements below:
Your contributions
You currently contribute 6% (7% if you are a Fire Service member) of your pensionable salary each month.
Tax relief
Your contributions are deducted from your salary before tax so the actual difference in your take home pay is less than 5% (6.5% if you are a Fire Service member).
Your pension benefits
The cost of your pension and life assurance benefits provided by the Scheme is significantly more than the cost of your contributions.
BAA contributions
The Company pays the balance of the cost of providing your pension and life assurance benefits along with the expenses of administering the Scheme.
