What do I pay?

To be a member of the Plan, you and Sky have to make regular payments to your individual account.

The payments made to your individual account are based on your pensionable salary. Your pensionable salary is your basic pay.

What do I pay?

You have to pay 3% of your pensionable salary. Sky will double what you pay, so a total of 9% of your pensionable salary is paid to your individual account.

Can I pay more?

Yes. By making extra payments, you increase your regular payments to the Plan, and Sky will also make extra payments.

Sky will double your regular payments and will match your extra payments until the payments going in equal 15% of your pensionable salary.

This has been summarised in the table below:

Regular payments (the minimum that has, by law, to be paid into your individual account under auto-enrolment)   Extra payments – if you want to pay more to boost your individual account
You pay Sky pay   You can pay  Sky will then pay
3% of your pensionable salary 6% of your pensionable salary PLUS  1% of your pensionable salary 1% of your pensionable salary
PLUS
2% of your pensionable salary 2% of your pensionable salary
PLUS 3% of your pensionable salary 3% of your pensionable salary
Total payments into your individual account - 9% of your pensionable salary PLUS Total extra payments into your individual account - 6% of your pensionable salary
Total payments into your individual account – 15% of your pensionable salary

Before April 2019
The contributions you and Sky pay were increased in April 2019. Before April 2019 the minimum regular contribution you had to pay was 2% of your pensionable salary, with Sky paying 4%. Sky then doubled any extra payments you made, until the total going in equalled 9% of your pensionable salary. This has been summarised in the table below:

Regular payments (the minimum that has, by law, to be paid into your individual account under auto-enrolment)   Extra payments – if you want to pay more to boost your individual account
You pay Sky pay   You can pay  Sky will then pay
2% of your pensionable salary 4% of your pensionable salary PLUS 1% of your pensionable salary 2% of your pensionable salary
Total regular payments to your individual account – 6% of your pensionable salary PLUS Total extra payments into your individual account – 3% of your pensionable salary.
Total payments to your individual account – 9% of your pensionable salary

Please Note:
The Plan is set up using Salary Sacrifice. What this means is that you agree to ‘give up’ some of your salary, an amount equal to your payments to the Plan, and in return Sky put that amount into your pension account for you. By ‘giving up’ that bit of your salary, the salary you are being paid is lower, therefore you pay less tax and National Insurance.

If you joined the Sky Pension Plan before July 2011 and was contributing 4% of your pensionable salary, Sky will pay an additional 1%, if you contribute an additional 2%, making a total combined contribution of 15% of your salary into your individual account.

For more details go to Sky Benefits

Can I pay even more?

If you want to boost your individual account further, you can choose to make additional voluntary contributions (AVCs). You can pay as much as you like as AVCs (subject to the Annual Allowance). However, Sky will not match your AVCs above the extra payment shown in the table. So, before deciding to make regular AVCs, make sure you are already paying the maximum as extra payments to benefit from Sky’s extra payments.

The most that can be paid into your individual account tax efficiently in any one tax year is set by the Government, known as the Annual Allowance. For most people the allowance is set at £40,000.

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