- Get the most from the DC Top-up Section
- Contribution options
- Your investment choices
- Documents and FAQ
How payments are made
It’s important to note that you already make payments into your existing Centrica pension arrangement.
You are eligible to join the DC Top-up Section if under your main Centrica pension arrangement you are a member of either CRIS or the Centrica Pension Plan and have been impacted by the Pensionable Salary cap (this may be the Pensionable Earnings cap or Pensionable Pay cap depending on your main Centrica pension arrangement salary definition). If you are unsure if you are eligible to join the DC Top-up section, you can visit MyPension Hub (Workday - External Benefits) and check the My Contributions page.
The Pensionable Salary cap restricts pensionable salary increases to 0% if your pensionable salary is £38,000 or above. Broadly speaking, once your basic salary is higher than your pensionable salary the difference is known as the Top up salary. You can build up pension savings based on your Top up salary in the DC Top-up Section. Centrica have offered this option to ensure that as a general rule, all of members’ basic salary is potentially pensionable in some form.
If you are eligible, you can join the DC Top-up section via MyPension Hub (Workday - External Benefits).
How much could you pay?
As a member of your DC Top-up Section you are able to choose what percentage of your Top up salary you want to contribute. Centrica pay an additional amount on top of your contributions up to a maximum of 10% as set out in the table below. You are able to pay contributions of more than 5% of Top-up Salary if you wish, however, those extra contributions would not attract any further contributions from Centrica.
|Choice of Smart Pay reduction||What Centrica add (as % of your Top-up salary)||Total into the plan (as % of your Top-up Salary)|
There is a maximum amount that can be paid into a pension every year. If you exceed the Annual Allowance then a tax charge may apply. The Information about tax relief, limits and your pension leaflet (PDF, 190KB) covers this in detail.
Any payments you make to other registered defined contribution pension arrangements (including employer payments) and any other increases in the amounts attributable to you under registered defined benefit pension arrangements that you're an active member of will be included in this amount.
How are payments made?
The way that you make payments into your pension is either through SMART Pay or by deduction from salary. Both give you tax benefits, but work in different ways. You can find out more about each option from the information below.
Please note: you are only able to make DC Top-up Section contributions by SMART Pay if you are already using this method for your main pension contributions.
Laws and tax rules may change in the future. The information here is based on our understanding in April 2022. An individuals own circumstances also have an impact on tax treatment.
To help you make an informed decision we've provided you with important information that you should read. You should print or save copies of these documents for future reference.
Read this guide for more information on the DC Top-up Section. Please note, due to recent investment changes a new guide will be available in early 2018.
Read this guide for more information on the different ways you can pay into your pension, and the tax benefits and tax charges which can apply.
Information about tax relief, limits and your pension (PDF, 190KB)
Please access Mercer OneView via MyPension Hub (Workday - External Benefits) to nominate or update your beneficiaries online.
Read this guide if you are thinking about buying an annuity.
These documents have been provided by the Trustee of the Centrica Savings Plan and Centrica Pensions Plan Saving Section - Standard Life is not responsible for the content.