Members contribute at a minimum rate of 7.5% of their annual salary, which contribution is allocated in total to the member’s Fund Credit.
For members who joined before 1 July 2012 the standard contribution rate of employers is 22% of a member’s pensionable income. For members joining after July 2012 it is 18%. In total 5% is utilised to finance risk benefits (approximately 4.25%) and administration costs (approximately 0.75%). The balance of the employer’s contribution is credited directly to the member’s Fund Credit. Employers may, with the consent of members and the Management Committee contribute at a lower or higher rate, subject to such conditions as imposed by the Management Committee.
- Contract appointments (total cost to council)
Such members may structure their contributions according to their requirements but subject to the following minima:
There are other options that may be more tax efficient but such members are advised to contact the Fund Administrator or a tax expert to give them the necessary assistance.
- 5% (minimum) employer contribution; and
- 7.5% (minimum) employee contribution.