Your Pension - Your Future 

The history of the final salary section of the Scheme

Membership for the Scheme was non-contributory up until 31 March 2007. From 1 April 2007 there was a mandatory 5% salary sacrifice cost share for membership of the final salary scheme, known as ZPensionBuilder (ZPB).

The accrual rate during membership for most members was a 60th, however, there was the opportunity to change this to 40/48/80ths under the flexible benefit scheme that was in operation from 1998 to 2007. It has not been possible to change accrual rates since 1 April 2007, which is a standard 60th for most members, however to reduce the initial impact of the cost share members could elect a lower accrual rate of a 70th (with a 3% cost share) up until January 2011.

Members also had the option to make additional savings to the various in-house APC arrangements (Additional Personal Contributions) and in later years the Money Purchase section of the Scheme, ZCashBuilder (ZCB). These defined contribution funds can be the first port of call for a tax-free cash lump sum.

Final salary accrual stopped on 31 December 2015 but members retain the link to salary while they remain active. Membership of the Scheme from 1 January 2016 onwards is to the contracted-in money purchase section of the Scheme, ZCB.