About the SLC CARE arrangement
On the 1st April 2024, the SLC section of the Magnox Group was reformed to a Career Average Revalued Earnings (CARE) benefit.
From this date, active members (those current employees who are paying into and building benefits up in the scheme) will start to build up pension benefits on a CARE basis.
The pension benefits you have built up before that date are unaffected and remain final salary benefits and you retain a final salary link to those benefits.
If you left the scheme or retired before 31st March 2024 you are not affected by this change.
You can fund further information in your member booklet and the factors guide below.
If you have any questions please contact Railpen.
Your contributions
The amount you contribute depends on how much you earn. This is set out in the table below.
Contribution and salary bandings applicable from 1st April 2025
| Salary bands | If your previous contribution rate was 0%, your new contribution rate is: | If your previous contribution rate was 5%, your new contribution rate is: | If your previous contribution rate was 6%, your new contribution rate is: |
| £14,181 or less | 6% | 5% | 6% |
| £14,182 - £55,436 | 6.66% | 6.33% | 6.66% |
| £55,437 - £193,379 | 8% | 7% | 8% |
| More than £193,379 | 8% | 7% | 8% |
The salary bands are increased each 1 of April by the annual increase in the previous September’s Consumer Prices Index (rounded to the nearest pound). You can see contribution rates for previous years on the PDF below.
It's not just you who pays in to your Scheme pension, your employer also pays in and shares the cost with you.
For more information on how contributions are invested please refer to your latest Pensions Update newsletter or Scheme Report and Accounts.
ALSO IN THIS SECTION...
Nominations
Boost your benefits
