You may also choose to pay further Optional Contributions, which with your basic contributions, must not exceed 15% of your total taxable pay in any year. Optional Contributions are also payable before tax and other deductions are made from your pay.

Your employer also contributes 5% to the Plan, on your behalf.

How do I know how much money I have in the Scheme?

Each year a Pension Statement of Member’s Account is provided to every member of the Pension Scheme, showing the total amount in the member’s account from the date of joining the Scheme to December of the year being reported on.  The Statement shows both your contributions and the Company’s contributions on your behalf, plus interest, as well as the bonuses credited plus interest. Pension Statements are usually dispatched by March of the following year.

You can also request a statement during the year through the Member’s Dashboard.

Why does it take so long to get the Annual Pension Statement?  

It takes long because firstly, the information for your December contributions is not received by the Pension Scheme from your Company before January of the following year. This information then has to be updated and checked to make sure that there are no mistakes made on your account. The Statements are then printed and the Auditors have to verify them before they are sent to you. There are currently 3500 employees in the Pension Scheme so you can understand why it will take some time.

Sometimes the Statements take longer than the three months to March of the following year, why is this so?

Whenever the Statements take longer than the three months this usually means that there is an Actuarial Valuation Exercise due and this process delays the delivery of the Statements to you. An actuarial valuation is carried out every 3 years.

Can I get a reduced rate loan from the Pension Scheme?

No. The Trustees of the Pension Scheme must always ensure that the return on the monies being invested is maximized; this involves investing at market rates and so loans at below-market rates cannot be entertained.