How does it work?
There are two sections in the scheme now – the main section and the 50/50 section.
The main section of the scheme is the section you will be placed in. In that section, you pay normal contributions and get the normal pension build up.
The 50/50 section was brought in as part of the 2014 scheme. You can elect for this option at any time, pay half your normal contributions and build up half your normal pension. If you have more than one employment you can elect for the 50/50 option in one, some or all your employments. Regardless of the section you are in, you get full life assurance cover.
Who can elect for 50/50?
Any member can elect to pay into the 50/50 section at any time. An election to join this section must be made by completing the form below and returning it to your Payroll.
How long can you remain in the 50/50 section?
The 50/50 section is designed to be a short-term option for when times are tough financially. Because of this your employer is required to re-enrol you back into the main section of the scheme every three years. This will be carried out in line with your employer’s automatic re-enrolment date. Your employer will tell you when this is if you’re in the 50/50 section of the scheme. If you wish to continue in the 50/50 section at that point you would need to make another election to remain in that section.
For more information or to opt for the 50/50 option then please use the application form below: