Employer Contributions
The current employer contribution rate is 22.5% of pensionable pay for the 1995, 2008 and 2015 pension scheme. This equates to around two thirds of the cost of an individual's pension.
The employer contribution rate is set through a process known as the scheme 'valuation'. A scheme valuation is carried out every four years and it measures the full cost of paying pension benefits (to current pensioners). The most recent scheme valuation was carried out in 2020. The 2020 valuation concluded that in order to pay the current pension benefits from the scheme, an increase, of 1.6 per cent, in the employer contribution rate was required from 24/25. The results of the 2024 scheme valuation will determine the employer contribution rate required from 2027/28.
Paying contributions
Pension contributions should be paid by the 19th of the month following deduction from members pay. Employers should log on to the online portal provided by SPPA to record contributions collected each month.
Member Contributions
Information about member contributions