OMERS Pension Guide

CIL Example Member B

£220,000 Basic Salary

On £220,000 Basic Salary

Standard Routine Employer Contribution to Pension

10%

£22,000

Bonus Exchange

Bonus Exchange

£15,217

Applies for TAA Cash in Lieu Allowance Employer Contribution to Pension £10,000 Pre-deduction monthly CIL Allowance £12,000

OMERS Boost added to Bonus Exchange (15%)

£15,217 x 115% = £17,500

CIL Allowance of £12,000 per year (£1,000 per month)

£27,684 added to Pension

‘One off’ £17,500 added to Member B’s Aviva Pension

Corporate NI (15%) must be paid on a Cash in Lieu

£8,065 personal cost to member after Tax and personal NI relief

£12,000 ÷ 115% = £10,434 Annual CIL

All available Pension contribution allowance efficiently (and safely) used

£10,434 ÷ 12 months = £869.50 added to monthly pay

Subject to Income Tax and personal NI in the same way as Salary

32