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In the Employment started between 1 February 2003 and 31 March 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 rates
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Current contribution rates
The current contribution rates are as follows:
- The 80ths accrual rate is 6% of your Pensionable Salary
- The 60ths accrual rate is 8% of your Pensionable Salary
If you are unsure which accrual rate you are contributing to please contact the Pensions Department or look at your most recent annual benefit statement.
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.