If you’re not sure which section you’re in, take a look at the FAQS.
2008 Section
If you are in the 2008 Section and don’t want to pay in the standard amount, you can opt to lower your contributions. You can reduce your contributions to the Mastertrust down to the value shown below for your age. However, this means AXA will also pay in less.
|
Minimum contributions (as a % Pensionable Salary)
|
|
Age
|
You pay
|
AXA pays
|
Total amount paid into your Account
|
|
Up to 24
|
3%
|
6%
|
9%
|
|
25-34
|
2.5%
|
6.5%
|
9%
|
|
35-44
|
2%
|
8%
|
10%
|
|
45-54
|
2.5%
|
10.5%
|
13%
|
|
55+
|
3%
|
13%
|
16%
|
Remember to review your contribution rate regularly, and to consider increasing your contributions when you can afford to. To change your standard contributions, please complete and return the AXA UK Pension contribution form to your local Payroll department.
2017 Section
If you are in the 2017 Section and you’re paying additional contributions, then you can choose to reduce them if you can no longer afford it. The table below shows the contribution rates you can choose from, plus the amount that AXA will pay in. If you aren’t paying any voluntary contributions, then you are already paying contributions at the lowest level required by the Mastertrust.
|
Contributions (as a % Pensionable Salary)
|
|
Employee contributions
|
Company contributions
|
|
3%
|
6%
|
|
4%
|
7%
|
|
5%
|
8%
|
|
6%
|
9%
|
|
7%
|
10%
|
|
8%
|
11%
|
|
9% and above
|
12% (maximum Company contributions)
|
You can change your contribution rate by logging on to the Max site.
Opting out
You do have the option to opt-out of the Mastertrust. However, if you do this:
- You will miss out on money from AXA in the form of contributions to your pension.
- Your life cover will reduce from 10x salary to 4x salary.
- If you opt out of the 2008 Section you will lose the ‘total incapacity’ ill health benefit only available to active members of the Mastertrust.