The 50/50 section

As an alternative to opting out, or at times when money is tight, there is an option to stay in the Scheme but pay a reduced contribution. This option is commonly called the "50/50 option".

You can elect for this at any time and it means you only pay half of the contributions you normally would pay but you only build up half of the pension during the period you pay the reduced contribution.

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If you have more than one job in which you are a member of the Scheme you can pay the reduced contribution in one, some or all of those jobs.

By paying the reduced contribution you do not affect the survivor's benefits or death in service cover you have in the Scheme.

The 50/50 option is designed to be a short-term solution only. You will be auto enrolled back into the main section of the Scheme in line with your employer's automatic re-enrolment date, so at least after three years. You will also be put back into the main section of the Scheme during any period of absence due to absence or injury where you are receiving no pay. If you wish to continue to use the 50/50 option you must make a further election to your employer.

You can of course choose at any time yourself to move back to the main section of the Scheme and your employer will do that from the pay period following your written option. You can find further information and the relevant forms by clicking here or from your employer.

If you are paying additional pension contributions then these will cease at the point you elect to take up the 50/50 option, unless they were to cover a period of absence from work. You can get forms and further information about the 50/50 section by clicking here or from your employer.