Between 1 October and 30 November 2015 the Scheme consulted on a proposal to increase the employee and employer contribution rates in April 2017 and April 2018.
If you are a contributing employee, an employee eligible to join the Scheme, a contributing employer, or an employer who has recently participated in the Scheme, you will have received an announcement to explain the proposal.
The Trustee Directors reviewed and considered all the comments received during the two month consultation period. While there was some disappointment that the Scheme's contribution rates needed to increase, no alternative proposals were put forward.
To ensure the money coming into the Scheme is enough to cover the cost of future benefits being promised, the Trustee Directors have agreed that both employer and employee contribution rates (expressed as a percentage of Earnings) will increase as set out in the table below.
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