The following table summarises the contribution rates for the different benefit scales, expressed as a percentage of Earnings. The Contribution Rates are set out in a formal Scheme document called a Schedule of Contributions, which is renewed regularly following each formal funding valuation and is available on request.
|Scale||Pension Contribution Rate|
The Scheme Actuary regularly reviews the Scheme’s contribution rates to check they remain appropriate to cover the costs of the benefits being built up by members. If a formal funding valuation shows that the Scheme’s assets at that time are not expected to be enough to cover the benefits that have been promised, the Trustee is required by law to put in place a Recovery Plan, which may require higher contribution rates or changes to benefits.