Employees who are members of the Premium Scheme make contributions of 3.5 per cent. of pensionable pay. Employers meet the balance of the cost. Employers' contributions currently average 13.3 per cent. Following a quadrennial review by the Scheme Actuary, employers' contributions are being increased and in 2005–06 will average 18.5 per cent. of pensionable pay.
The Premium Scheme was introduced in October 2002 and is part of the Principal Civil Service Pension Scheme. Some 18 per cent. of members are in Premium, 79 per cent. in Classic and 3 per cent. in Classic Plus. Employer contributions are the same for all three schemes. Employee contributions are 1.5 per cent. for Classic and 3.5 per cent. for the other schemes.