Reminder about your Plan contributions

With the next opportunity to update your Plan contributions coming up in August, here’s a reminder of the benefits of saving a little extra into your Plan account.

The Core LCP monthly contribution to your Plan account is 6% of your Pensionable Salary. You also pay a Core monthly contribution of 3% of your Pensionable Salary. You can choose to save more or less than 3% each month. If you choose to save more, LCP will make matching contributions. If you choose to pay less, the LCP core contribution will also reduce. The table below shows you how the LCP contributions change if you pay more or less than the Core contributions.

Your contributions are made using our Salary Sacrifice arrangement called SMART pensions. The current limit on contributions that can be paid using SMART pensions is 20% of salary. You can update your contribution twice a year in February and August using the LCP Cloud Options Portal, or at other times during the year if you qualify for a lifestyle event.