Joint pension savings

• Is part of the 15.5% minimum contribution

• You must apply for joint pension savings allowance when applying for a pension from TR

• Reduces the allowance from TR

Specified or optional private pension

• Is part of the 15.5% minimum contribution

  • 3.5% goes to the specified/optional private pension

  • 12% goes to joint pension savings

• You do not need to apply for a specified/optional private pension when applying for a pension from TR, as it does not involve monthly allowances

• Reduces the allowance from TR

Private pension within the minimum contribution – restricted private pension

• Is part of the 15.5% minimum contribution

  • 8% goes to joint pension savings and 7.5% to the private pension

• You must apply for a restricted private pension when applying for a pension from TR

• Reduces the allowance from TR

Additional pension savings

• Is an optional saving that is not part of the 15.5% minimum contribution

  • You can contribute 2% or 4%, and the employer will then contribute a matching 2%.

• You do not need to apply for additional pension savings when applying for a pension from TR

• Does not reduce the allowance from TR