OMERS Pension Guide

Example Member 3 – Basic Salary of £90,000, paying 10% monthly contribution, Exchanges £10,000 Bonus:

➢

£10,000 - pre-tax bonus exchanged.

➢ £1,500 - standard Bonus Exchange enhancement ➢ £0 - Employer Match (as member already receiving the maximum ‘match’ monthly) ➢ £11,500 - Total Pension investment (from a £10,000 pre-tax relief Exchange) ➢ £5,800 – Cost of Bonus Exchange to member after 42% tax and personal National insurance relief.

All of the above examples are highly attractive – but when Employer Match is involved, it makes the proposition compelling.

How do I participate?

➢ Employees will initially receive emailed communications announcing the STIP Allocation Exchange (usually January each year). ➢ The email will contain clear instructions of what you need to do to participate – and the strict deadline that applies for you to confirm your requirements. ➢ Any member instructions received by the deadline will be processed accordingly – with the chosen level of Exchange invested in their Aviva Pension.

Please note, it is not possible under any circumstances to ‘un - wind’ a Bonus payment after it has been instructed and processed.

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