Transport for LondonTfL Pension Fund
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As an employee you contribute 5 per cent of your pensionable salary. The actual cost to you is less because contributions are deducted from your salary before tax is calculated, so they generate tax relief at your highest rate.
You also pay reduced National Insurance contributions because the Fund is contracted-out of the State Second Pension.
- Part-time workers
- Employer contributions
- Changes to contributions
- When contributions stop
- Increasing your contributions
- If your pay falls
- The principal employer is paying 6.2 times the amount its employees pay
- All the other participating employers are paying additional contributions over a period of ten years, as well as paying more than three times the amount their employees pa
Part-time workers
If you work part-time you contribute 5 per cent of pro-rated pensionable salary.
Employer contributions
Your employer makes contributions to meet the balance of the costs of the Fund. The Actuary regularly looks at funding levels and advises on how much each employer should contribute, so the amount can vary. At the moment the Fund is in deficit so:
You can find full details in the Trustees' Annual Report and Accounts, which can be found in the Fund documents section.
- Complete 40 years' pensionable service and choose to stop paying contributions
- Reach age 65 and choose to stop paying contributions
- Opt out of the Fund
- Are an Existing Member and choose to stop paying contributions when you reach age 65
Changes to contributions
Contributions normally change in January of each year and are based on pensionable salary in the previous November.
Contributions remain the same for the calendar year unless working hours change. In this case they will be based on your pro-rated pensionable salary following each change.
When contributions stop
Your contributions stop when you retire or leave service. While you are in service they will only stop if you:
Increasing your contributions
You can increase your contributions by joining the Additional Voluntary Contributions Plan.
