Paragraph 2 Employees' contributions
The percentage rate of employees' contributions is determined in accordance with this paragraph F1....
For each of a member's pensionable employments, the member must pay contributions on the member's contributable salary in that employment at the percentage rate of employees' contributions.
The percentage rate of employees' contributions for a pensionable employment is the rate in Column 2 of the table corresponding to the band for the annual salary in Column 1.
The annual salary bands in Column 1 are increased for each financial year, if there is a relevant increase in the consumer prices index for that financial year, by the appropriate percentage for the financial year, rounded up to the nearest £1.
There is a relevant increase in the consumer prices index for a financial year if the consumer prices index for the month of September before that financial year is higher than that for the previous September.
The appropriate percentage for the financial year is the same percentage as the percentage increase in the consumer prices index for that year.
In this regulation, “consumer prices index” means the all items consumer prices index published by the Statistics Board, a body corporate established by section 1 of the Statistics and Registration Service Act 2007.
Table
| Column 1Annual salary for the pensionable employment for the financial year 2015-16 | Column 2Employees' contribution rate |
|---|---|
| £0 - £25,999 | 7.4% |
| £26,000 - £34,999 | 8.6% |
| £35,000 - £41,499 | 9.6% |
| £41,500 - £54,999 | 10.2% |
| £55,000 - £74,999 | 11.3% |
| ≥ £75,000 | 11.7%. |
Annotations
Textual amendments
- F1
Words in Sch. 3 para. 2(1) omitted (1.4.2013) by virtue of The Teachers’ Pensions (Amendment) Regulations 2013 (S.I. 2013/275), regs. 1, 5(3)(a)
- F2
Sch. 3 para. 2(2)-(7) substituted for Sch. 3 para. 2(2) (1.4.2015) by The Teachers' Pensions (Miscellaneous Amendments) (No. 2) Regulations 2014 (S.I. 2014/2651), regs. 1, 23(a)