Can I pay less?

Need to pay a bit less for a while?

The 50/50 option is a way to pay half your usual pension contributions for a while and stay in the pension scheme. But you get half the usual pension for those contributions.

If you have more than one job, you can elect for the 50/50 option in one, some or all of your jobs. Any election must be made in writing to your employer.

You can choose to revert back to the main section of the scheme at any time by informing your employer in writing.

What’s good about 50/50?

If cost is a concern you can reduce your pension contributions and stay in the pension scheme. That’s important because even though you pay just half the contributions on 50/50, you’re still building up a pension, and still getting the full protection of the pension scheme’s generous death benefits for your dependants.

And the downside?

The obvious downside to 50/50 is that if you pay half in, you only get half out.

Even so, it might be right for you – for a while. But you should bear in mind that it will soon start to make a hole in your future pension. That’s why, when you go 50/50, your employer has to put you back into the main scheme on full contributions every three years or so. There’s nothing to stop you going 50/50 again straightaway when this happens, but before you do, think about what you want from your pension and your retirement.

The form to fill in to go 50/50

The form to fill in to cancel 50/50