| Year of Membership | Employee Rate | Employer Rate | Total Rate |
|---|---|---|---|
| 1 | 1% | 1% | 2% |
| 2 | 2% | 2% | 4% |
| 3 | 3% | 3% | 6% |
| 4+ | 4% | 4% | 8% |
Your contributions will be deducted from your salary each month and will be paid into the Scheme along with your Employer contributions. The Administrator will then invest the contributions into your Members Account.
Contributions will be adjusted in line with changes in your Pensionable Salary during the Scheme Year which runs from 1st January to 31st December.
The CIT awards tax relief on Members contributions, including AVCs, up to certain limits which may be reviewed from time to time.
The tax relief limits are different depending on which basis you pay income tax.
To benefit from tax relief, you need to complete a tax return in Gibraltar each year to inform the CIT of the contributions you have made.
Cessation of contributions
Contributions stop at the Normal Retirement Age which is age 60, or if you retire or leave employment earlier than this date.