The Metal Box
Pension Scheme
Building your benefits

Contributions

In the DC Section, you make contributions into your Personal Account to build up savings which will provide you with an income when you retire. The Company also contributes to your pension by adding Credits to your savings.

Your contributions will be paid via Salary Exchange, provided you meet the eligibility criteria and do not opt out of this payment method. This means that you will pay less National Insurance. For more information see Salary Exchange booklet DC.

The more you contribute, the more you can expect your benefits on retirement to be.

The government gives you tax relief on pension savings, so the cost of contributing to the DC Section is less than you may think. Tax relief applies at your highest rate of tax. So, if you pay the 20% Basic Rate of Income Tax, every £1 you contribute to the Scheme actually costs you 20% less – that is 80p. Find out more about how tax relief works in the Members’ Booklet.

The Government has set minimum contribution levels that employees and employers must pay into company pension schemes. It is expected that the minimum 3% contribution rate will meet these minimum requirements for most employees until April 2019. If this changes in the future we will let you know.

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