Regulation 105 Rate of member contributionsI1

An active member of this scheme must pay contributions to this scheme (“member contributions”) on the member’s pensionable earnings for each pay period at a rate determined under this regulation (“member contributions rate”).

The member contributions rate which applies to a member’s pensionable earnings is the rate which applies when the member’s pensionable earnings are paid.

For the purposes of paragraph (2), assumed pay for any pay period is treated as having been paid when pensionable earnings for that period would have been paid if the circumstances in regulation 17(3) (in relation to salaried office holders) or regulation 18(5) (in relation to fee-paid office holders) which apply to the member had not applied.

Subject to paragraph (5), the member contributions rate in relation to each payment of a member’s pensionable earnings is 4.26%.

Where the member was the holder of a qualifying judicial office on 31st March 2022, the member may exercise an option within 3 months of the closing date to pay pension contributions at a rate of 3% during the period from 1st April 2022 to 31st March 2025.

The option under paragraph (5) may only be exercised by notice to the scheme manager in a form required by the scheme manager (“opt-in notice”).

A member who exercises the option under paragraph (5) is taken to exercise that option on the date on which the opt-in notice is received by the scheme manager.