How your pay is affected

Members pay a percentage of their Defined Benefit Chargeable salary into the Fund. If you opt out of the Fund, you’ll automatically join the Retirement Savings Plan, and you’ll save 8% of your ValueAccount into a separate pot of money instead.

Opting out of the Fund would usually mean your take-home pay goes up. However, this doesn’t necessarily mean you’ll be better off overall. That’s because the value of the Defined Benefit pension you’ll be giving up is usually greater than the extra take-home pay you’ll get.