Yes you can. 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 with 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
*If you join today, your starting contribution will be 3% of Pay and the Bank will pay 5% of your Pay. You can change to a different contribution level at any time.
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.
Can I change how much I can pay?
Yes, you can pay in more (or less) by using the Increase or decrease my contributions form. You can use this form if you want to pay up to 8% of your Pay into Pace. If you pay more, the Bank will pay in more, up to a maximum of 10%.
If you want to pay in more than 8%, then you’ll have to use the Start paying AVCs form. Additional Voluntary Contributions (AVCs) are extra payments you make into Pace DC. You get tax relief on your AVCs too, but you can’t pay them through NICE Pensions. You can change, stop and start your AVCs whenever you want.
You can use the Pace DC pension modeller to see what difference paying in more could make to the value of your account at retirement.