Port of Dover
Join the Defined Contribution Pension Scheme
Why become a member of Defined Contribution Pension Scheme?
Membership of the Port of Dover DC Pension Scheme is one of the most valuable benefits we provide for our employees. There are many good reasons to join the Port of Dover DC Pension Scheme. Below is a summary of the key benefits and costs.
Key benefits
Tax efficient savings
The opportunity to build up retirement savings in a tax efficient way.
Eligibility for life cover
Eligibility of live cover of six times your annual contractual basic pay if you die while paying contributions into the Scheme.
Flexible investment
The flexibility to invest your contributions to suit your individual needs.
Contributions
- You can choose to contribute 4.5%, 6%, 8%, 10% or more of pensionable pay.
- As a member of the Scheme you benefit from an additional generous employer contribution on top of the contribution you make.
- You receive tax relief on your contributions – so every £1 you pay into the Plan will actually only cost you 80 pence (if you are a basic rate tax payer).
- Your contributions are usually paid through Pension Salary Sacrifice. This means that you choose the level of salary you want to “exchange” for a pension contribution and your salary reduces by this amount. The employer then pays this amount into the Scheme on your behalf, on top of the employer contribution. As a result, the amount you give up never becomes part of your salary.
How to join the Port of Dover DC Pension Scheme
When you start working for the Port of Dover, you will receive a leaflet on the Scheme with your joining pack confirming that you will be automatically enrolled into the DC Pension Scheme three months after your commencement of employment.
If you do not wish to be in the Scheme, you can opt out by following the instructions in the joining letter that you will receive from Royal London. If you have any questions about this, you can call Royal London on 0131 524 8854.
If you do not join the Scheme straight away, you can still join later. You can ring the Pension Team and join today!
Get in touch
If you have any questions about the Port of Dover DC Pension Scheme, please contact the Pension Team in Harbour House. They can answer any questions you may have regarding your benefits.
E: PensionsTeam@portofdover.com
T: 01304 240400 (ext 4616 and ext 4617)