When you join Pace DC, you and the Co-op pay contributions into your account. Your contributions are taken out of your Pay each month and you will see these payments appear on your payslip. Your payslip will tell you what contribution rate you are paying if you’re not sure.
You can choose how much you want to pay into Pace DC – the table below shows your options.
You can change your contribution rate whenever you want by filling in the Increase or decrease my contributions form.
| You pay|
(% of Pay)
|The Co-op pays|
(% of Pay)
|Total % paid into your account |
| 1%||2% ||3% |
| 2%||3% ||5% |
| 3%*||5% ||8% |
| 4%|| 8%||12%|
| 5%|| 10%|| 15%|
| 6%|| 10%|| 16%|
| 7%|| 10%|| 17%|
| 8%|| 10%|| 18%|
| 9%|| 10%|| 19%|
| 10%|| 10%|| 20%|
*If you join today, your starting contribution will be 3% of Pay and the Co-op will pay 5% of your Pay. You can change to a different contribution level at any time.
If you don’t think you can afford the minimum contribution, once you are a member you can choose to pay in a lower amount (1% or 2% of Pay), so that at least you’re making some savings for the future.
You can find out more about your contribution options in the Pace DC pension guide. The guide explains how your pension costs less than you might think, thanks to tax relief and NICE Pensions. You can use the Pace DC pension modeller to see how your take-home pay would change, depending on your contribution choices.