The Government has always said that it was going to increase the minimum pension contributions that employees and employers have to pay.
Under the Rules of Pace DC, this is going to happen in October 2017.
This means that if you’re currently playing 1% into Pace DC, you’ll start paying 2% on 26 October. The Co-op’s contributions will also increase at this time, from 2% to 3% - which is more than the Government says it needs to pay.
The increase in contributions will happen automatically – you don’t need to do anything.
To find out more, take a look at this information leaflet which was mailed in September to all Pace DC members who are affected by the increase.