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Question of the month

Question

How much does my employer pay into my pension?

Answer

This varies between employers, but in very rough terms, your employer pays about twice the average member contribution.

Every three years we ask an external pensions specialist called an actuary to carry out something called a valuation. He looks at all kinds of things such as:

  • Your pay (since your benefits are tied into your pay)
  • The current value of GMPF
  • Expected investment returns
  • And even members' life expectancy

The actuary then sets the rate your employer must pay in. This makes it a very safe scheme, and gives you much more security than some other types of schemes.

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