Contribution options

It’s important that the contribution structure you set up for your scheme is both competitive and rewarding for your employees.

Regular contributions

Monthly payments can be a fixed amount or a percentage of salary.

Single contributions

Both you and your employees can make single contributions at any time.

Transfer payments

Your employees may be able to transfer pensions from other providers. Transfer payments from one pension plan to another don’t receive tax relief. Transferring may not be in everyone’s best interests as they could lose valuable benefits which can’t be replaced. Those that are interested in transferring should speak to a financial adviser before making a decision.

Matched contributions

A matched contribution structure can help encourage your employees to pay more into the plan. You might want to simply match the contribution each employee makes or you may want to limit your contributions by setting a maximum. There's lots of ways to set it up - here's an example:

Employee contributionEmployer contribution
2% 3%
3% 4%
4% 5%
5% 5%

A phased approach

Phasing of contributions allows you and your employees to spread the cost of contributions over a period of time.

You can choose to follow the statutory phasing path or set up your own custom path.

Find out more about phasing.

Find out more

Speak to your adviser to find out more about Royal London’s contribution options. Find out more about our workplace pension.

The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London EC3V 0RL.