Pension (Contributory Pension Scheme)

Mandatory retirement savings — typically 8% employee + 10% employer of qualifying pay.

Under the Pension Reform Act, the Contributory Pension Scheme requires a minimum employee contribution of 8% and employer contribution of 10% of basic, housing and transport allowances, paid to a Pension Fund Administrator (PFA). The employee's contribution is deductible before PAYE.

Related terms