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In the Employment started after 1 April 2006 Section:
- Joining a Pension Scheme
- Retiring
- Leaving the Press
- Opting Out of the Group Pension Scheme
- Making additional payments
- Change of circumstance
- Death benefits while working for the Press
- Current contribution rate
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Current contribution rate
The current contribution rate for the 80ths accrual is 6% of your Pensionable Salary.
The OUP make a contribution of 19% of your Pensionable Salary to the Group Pension Scheme.
Your contributions to the Scheme are set at 1 April each year. The only exception to this is, if you change your working hours during the year your pension contribution will be adjusted accordingly. Your contributions are deducted from your gross pay before your tax code is applied. This means you get automatic tax relief. You also pay lower National Insurance contributions as the Scheme is contracted out of the State Second Pension (S2P). The net cost to you is therefore reduced.