Scheme summary

There are four sections of the Scheme:

  • Individuals who started employment on or before 31 December 2005. (The DB "Closure" Section).
  • Individuals who started employment on or after 1 January 2006.
  • Individuals who started employment on or after 1 January 2018.
  • In addition to the above there is a "Capped" Section of the scheme which is available to individuals who are subject to the Tapered Annual Allowance (TAA). This will limit contributions made to the Scheme up to HMRC’s minimum TAA rate, currently £10,000. Please see the HR Portal or contact your HR department for further information.

The amount which the Bank contributes into the Scheme will depend on which of the above categories you fall into and how much you decide to contribute via any Additional Voluntary Contributions (AVCs). You can find further details in the contribution section of this website.

Your Pension Account is made up of the Bank's contribution (including any contributions made as part of the salary sacrifice arrangement) plus your contribution (i.e. AVCs or any funds transferred into the Scheme). Any AVCs you pay in via salary sacrifice also have half of the Bank's National Insurance savings added to them.

The Bank will continue to contribute to your pension until you either:

  • Opt out of the Scheme (i.e. due to annual allowance (AA) or lifetime allowance (LTA) issues)
  • Leave service
  • Die in service
  • Retire
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