Joining the scheme
Upon joining an RCPS employer you will be automatically enrolled in to the Nuvos pension scheme; this is the standard option for all employees with a contract of service*.
Some workers will not be eligible for Nuvos and may be placed in the National Employment Savings Trust (NEST) which is a workplace pension scheme set up by the Government. Entry to NEST is not administered by JSS; your employer can provide details for you though.
* If you have a previous Civil Service, RCPS or other by-analogy pension you may be eligible to join the Classic or Premium schemes.
Nuvos is an occupational defined benefit pension scheme providing the following benefits:
- A pension at age 65 linked to your pensionable earnings with an accrual rate of 2.3% and increased each year in line with inflation
- An option to take a tax free lump sum in exchange for part of your pension
- A death in service benefit of twice your final pay
- A pension for your husband, wife, civil partner or partner after your death
- A pension for your dependent children after your death
Please visit the Scheme Guides page for more information on Nuvos.
The table below shows the contribution rates that are effective from 01 April 2018.
|Annualised Pensionable Earnings||Classic %||Classic Plus, Premium & Nuvos %|
|Up to £15,000||4.60||4.60|
|£15,001 - £21,636||4.60||4.60|
|£21,637 - £51,515||5.45||5.45|
|£51,516 - £150,000||7.35||7.35|
|£150,001 and above||8.05||8.05|
Contributions are calculated as a percentage of your earnings and deducted from your gross pay before Income Tax is deducted, giving you tax relief. The actual amount of tax relief you receive will depend on your individual circumstances.
Your employer contributes 26% of your pensionable pay to the RCPS. Both the employee and employer contributions help provide for the scheme members' pension benefits, unlike a Defined Contribution scheme the contributions do not build up an individual pension pot for each member.
Please see the Contributions page for more information about how your contributions are calculated.
Options on joining
On joining the scheme, there are a number of options that you may wish to consider. You may want to transfer benefits from a previous pension scheme. To do this you must apply within 12 months of joining and the transfer must be completed before you leave the scheme or your pension comes into pay.
Added pension is an amount of extra annual pension that you can buy. It will be paid with your pension when you retire either just for yourself, or for yourself and your dependants.
The Partnership Pension Account is a defined contribution arrangement, whereby individuals select a partnership pension account from a panel of two providers. For partnership pension accounts that are set up, the individual's employer will pay an age related contribution to the selected fund / provider. They will also match up to 3% of the optional member's contribution.
More details regarding the Partnership Pension Account can be found in the Partnership Scheme Guide which is on the Scheme Guides page.
If you choose to open a Partnership Pension Account you will need to complete the information on the Pension Choices form that we send to you. You must also complete your chosen pension provider's application form and return this to the address on the form.
JSS are unable to advise you which provider to choose so you may want to compare both providers to aid your decision making.
© JSS 2018
Last updated: 26 Apr 2018