What are the joining costs?

In the BRSP, the minimum contribution is 3% of Retirement Savings Pay. You can pay in more than that, but the maximum rate at which your employer will match your contributions is 6%.

In the AE Scheme, you pay 3% of Band Earnings until 2019, when your contribution rate will increase to 5%. These rates are fixed so you cannot pay in less or more.

How much does my employer pay?

In the BRSP, your employer pays in as much as you do, but in some cases more, depending on what employment band you are in. (If you don’t know what employment band you’re in, your line manager will be able to tell you.)

If you’re in Band A…

your employer will match your contributions up to a maximum of 6%.

If you pay in 3%, your employer will pay in 3%. If you pay in 6%, your employer will pay in 6%. If you pay in 7%, your employer will still pay in 6% - unless you have worked for the company for at least three continuous years, in which case your employer will increase their contribution to 7%.

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If you’re in Band B…

your employer will DOUBLE-match your contributions up to a maximum of 6%.

If you pay in 3%, your employer will pay in 6%. If you pay in 6%, your employer will pay in 12%. If you pay in 7%, your employer will still pay in 12%.

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If you’re in Band C…

your employer will pay in two-and-a-half times as much as you do, up to a maximum of 6%.

If you pay in 3%, your employer will pay in 7.5% (3x2.5). If you pay in 6%, your employer will pay in 15% (6x2.5). If you pay in 7%, your employer will still pay in 15%.

In the AE Scheme, your employer pays 2% of Band Earnings until 2019, when their contribution rate will increase to 3%.

There’s more information about the contribution rates for both the AE Scheme and the BRSP in the scheme guide.