Updates to contribution rates

Employer contributions

The employer contribution rate will increase from 23.68% to 28.68% from 1 April 2024. This includes the 0.08% administration levy.

We'll be updating all our resources and webpages to reflect the changes.

Further information can be found on our updates page.

Member Contributions

Each April the member contribution bands are updated in line with the Consumer Price Index (CPI). In the year to September 2023 CPI was 6.7%. From 1 April 2024 the bands will be changed to reflect this. The rate your employer pays into the Scheme will also increase to 28.68% of your salary.