Pension Contributions
How much do members contribute to the scheme?
For current active members, the contribution rate is 10% of pensionable salary, subject to the Individual Salary Cap. Further details of Pensionable Salary can be found in the Scheme Booklet.
How much does the Company contribute?
Contributions from members alone would not be enough to pay for all the benefits the Scheme provides.
The Group meets the balance of the costs of benefits. It also meets all of the Scheme's administration and management costs. The amount the Group pays is regularly assessed by a qualified actuary, appointed by the Trustees. Whilst the level of the Group's contributions may vary from time to time, the Group expects, in the long run, to pay substantially more than the member will have to.
What is the Willis Pension Scheme's Pension Input Period (PIP)?
The PIP was calendar years up to 31 December 2015, then aligned to the tax year from 2015/2016 onwards.
Where can I find the Pension Input Amounts for the 3 previous Pension Input Periods?
If a members Pension Input Amount exceeds the Annual Allowance, we will automatically write to them before the October of the following tax year. For deferred members, there will be no taxable accrual for Pension Input Periods after that in which their active membership of the Scheme ceased.
