Building up your benefits - from 1 October 2017

OSPS is a defined contribution (DC) scheme from 1 October 2017. A pension pot is built up from your contributions, your employer contributions and the investment returns. This pension pot can be used to provide either cash and/or a regular income when you retire.

Contribution tiers plans

You can choose between three contribution tiers; Tier 1, Tier 2 and Tier 3. They all have different contribution rates and build up pension pots at different rates, subject to your investment returns.

For the current contribution tiers, please see the How much does it cost section.

You can change your contribution tier from any 1 April by sending the Change of contribution tier (APP6 DC) (14kb) to the Pensions Office before 31 March.

 Annual benefits statements

Every year Legal & General will send you a benefit statement giving you the current value of your pension pot.