ScottishPower and FSLP members pay 5% of their Pensionable Salary; ESPS members pay 6% of their Pensionable Salary. The Company pays the bulk of the cost of providing the benefits from the Scheme.
Pensions Plus - Important Note
You have the opportunity to make pension contributions through Pensions Plus. This can reduce the level of National Insurance contributions you pay, and so the cost of your Scheme membership.
Through Pensions Plus, you do not make contributions to the Scheme. Instead, your total gross pay is reduced by the amount of your Scheme contributions each month known as your Pensions Plus adjustment. The Company then pays an additional contribution equal to your Pensions Plus adjustment straight into the Scheme. This is on top of the Company’s normal contribution payable for you.
If you participate in Pensions Plus, references to member contributions will not apply to you. Contributions payable to the Scheme will be made on your behalf as described above.
For more information about Pensions Plus please refer to the Pensions Plus Guide.
If you do not to participate in Pensions Plus your contributions will be deducted from your pay and you will pay National Insurance contributions on them.
If you wish to participate in Pensions Plus please contact 1HR Direct by emailing 1HR Direct on YourHRTeam@scottishpower.com or starting a live chat through the HR portal.