Pension Service Publishes Scheme Rules and Contribution Rates for the Scheme Year 2026 to 2027

The Pension Service of the Velocity Interoperability Network today published the rules of the Network Pension Scheme and the contribution rates that apply for the scheme year from 6 September 2026 to 5 September 2027. The scheme provides a defined benefit pension on a career average basis: for each year of pensionable service a member earns a pension of one sixtieth of their pensionable pay, and the pension earned is revalued each year until it is paid.

Members contribute according to five tiers of pensionable pay. The rates are 5.0 per cent on pensionable pay up to 24,000 credits a year, 6.2 per cent from 24,001 to 40,000 credits, 7.6 per cent from 40,001 to 62,000 credits, 9.0 per cent from 62,001 to 95,000 credits and 10.5 per cent above 95,000 credits. A member's tier is set from their full-time equivalent pensionable pay on 6 September each year. Participating member organisations contribute 19.5 per cent of the pensionable pay of every member they employ, and pay both contributions to the Service by the nineteenth day of the following month.

The rules also set the normal pension age of the scheme at 66, a minimum pension age of 56, a qualifying period of two years for benefits, a lump sum option of up to one quarter of the pension, and the pensions payable to the partners and children of members who die. The full rules, the contribution tiers and a description of the benefits are set out on the Scheme Rules, Contributions and Benefits pages of this site.