Making additional payments

Can I make additional payments to the Group Pension Scheme?

No.  You cannot make additional payments into the Group Pension Scheme.

Can I pay into another pension arrangement?

Yes.  You can, if you wish, pay extra contributions into more than one pension arrangement at any one time.

Will I receive tax relief on these contributions?

You will be able to recieve tax relief each tax year on pension contributions of up to 100% of your taxable pay, or £3,600 if greater.

Is there a limit on the contributions that can receive tax relief?

Yes.  Tax relief is only available on pension contributions up to the Annual Allowance.  Pension contributions in this context broadly means:

i) the growth of your accrued pensions from defined benefit schemes (including the Group Pension Scheme) over one tax year multiplied by 10; and

ii) contributions made by or in respect of you into other pension arrangements in the same tax year

The Annual Allowance is set each year by the Treasury (£245,000 for the tax year 2009/10).

What pension arrangements can I pay into?

Additional contributions (over your 6% contribution to the Group Pension Scheme) may be made into an alternative registered pension arrangement such as a stakeholder or personal pension scheme.

Can I pay into the Press’s Stakeholder Scheme?

You may choose to invest additional contributions into the Press's Stakeholder Scheme.  These contributions would be made through the payroll.  Please note that any benefits accrued in the Stakeholder Scheme would be entirely separate from your Group Scheme benefits.  If you are interested in this option, please contact the Pensions Department for an information pack.