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You're viewing content for active members of the RS Plan

(This means you are currently paying into an RS Plan Account)

CHANGE SCHEME

Plan information

How it works

The way the RS Plan works is simple: you and the Company contribute into your RS Plan Account. You choose where to invest your Account and then you decide how you want to use it when you retire.

Paying in

The RS Plan is made up of two sections: the Auto-Enrolment (AE) section and the RS 3, 4, 5% section.

As a member of the RS Plan, you pay a percentage of your salary into your Account each time you are paid – and so does BOC.

You contribute The Company contributes Total contributions
AE Section 5% 3% 8%
RS 3, 4, 5%
Section
3%
4%
5%
6.7%
8.7%
10.7%
9.7%
12.7%
15.7%
If you are an AE member you could be getting more for your money.

Hannah

Hannah earns £24,000/yr. She is in the AE section, and contributes 5% into her RS Plan Account.

Hannah
contributes

5%

This will cost her

£68/month*

+3%

from the
company

£160/month

Into her account

Gavin

Gavin also earns £24,000/yr. He pays 2% less in the RS 3, 4, 5% section, but gets more into his RS Plan Account overall.

Gavin
contributes

3%

This will cost him

£40.80/month*

+6.7%

from the
company

£194/month

Into his account

*This assumes they are in Salary Exchange, so make tax and National Insurance savings.

In Salary Exchange:

Your salary is reduced by the value of your contributions.

Contributions are then made by the Company on your behalf.

The reduction to your salary means you pay less National Insurance.

To find out more, read the Salary Exchange factsheet. Previously opted out of Salary Exchange and would like to opt in again? Simply complete a Salary Exchange opt-in form.

info point section indicator

If you are an AE member who would like to switch to the RS 3, 4, 5% section, let us know by completing a Joiner form. If you are a member of the RS 3, 4, 5% section and you would like to change your contribution level, complete a Starting/changing contributions form.

Contributing costs less than you think.

Contributing into your Account might cost less than you think. Your contributions are deducted from your salary before tax is calculated so you benefit from tax relief. Also, if you pay through Salary Exchange, you make National Insurance savings.

Actual cost to you Tax & NI saving Your total contribution

In Salary Exchange:

  • Your salary is reduced by the value of your contributions
  • The reduction to your salary means you pay less National Insurance
  • Contributions are then made by the Company on your behalf

To find out more, read the Salary Exchange factsheet. Previously opted out of Salary Exchange and would like to opt in again? Simply complete a Salary Exchange opt-in form

info point section indicator

To find out what your contribution costs in real terms, and how much extra you could gain with some changes, use the contribution calculator.

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