How much does my employer pay into my pension?
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.
- When will I be getting be annual pension statement from you?
- I'm thinking of retiring... how long does it take to arrange everything?
- How can I top up my pension benefits?
- I've got my annual statement from you for my deferred benefits with GMPF. Where can I find out more about these?
- I currently draw a pension from GMPF. When is it paid into my bank account?
- Why does my tax sometimes vary each month?
- I'm drawing a pension from you - how does it increase in line with prices?
- I'm leaving my job - what are my choices with my pension?
- When are you open over the Christmas break, and how can I get in touch if you're closed?
- I draw a pension from you. How do I change the bank account it is paid into?
- Do I need to nominate someone to receive a pension when I die?
- I already pay AVCs with Prudential to top up my pension. How can I check on my AVCs?
- I currently pay into the fund. When will I be getting my annual statement?
- I've had a number of cold calls from people claiming to be pension companies... how do I know if its a scam?
- A colleague was telling me they had some 85 rule protection. Hasn't that been scrapped years ago?
- I've got deferred benefits with you. When will I be getting my annual statement?
- What day is my GMPF pension paid on?
- When will this year's pension statements be coming out?
- What is the COPE amount in my state pension?
- Can I take some tax free cash from my pension before I retire?