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Automatic enrolment

Cost and your options

If you are automatically enrolled into Pace DC, your contribution will be 1% of your Pay and the Co-op will also pay contributions to your account.

Pace DC offers a choice of how much you pay into your account, and there are different levels of life cover depending on your contribution rate.

Your Pay          (% of pay) The Co-op pays (% of pay) Total % paid into your account Life cover        
1% 2% 3% 1 x Salary
2% 3% 5% 1 x Salary
3% 5% 8% 1 x Salary
4% 8% 12% 3 x Salary
5% 10% 15% 3 x Salary
6% 10% 16% 3 x Salary
7% 10% 17% 3 x Salary
8% 10% 18% 3 x Salary
9% 10% 19% 3 x Salary
10% 10% 20% 3 x Salary

*Please note that the 1% employee contribution rate will not be available from 2017, and the 2% employee contribution rate will not be available from 2018. This is because of government rules which require contribution rates to gradually increase. If you are paying a rate that is discontinued, you will automatically be moved up to the next contribution rate.

You can choose how much you want to pay into Pace DC. If you want to choose a different contribution rate you can let Legal & General know by visiting and completing the online form.

Legal & General’s retirement planner tool in the documents and tools section will help you to get an idea of how much pension you may receive from your contributions.

It costs less than you think

You do not have to pay tax on any contributions you make to Pace DC (or any other pension scheme) within certain limits. Contributions to Pace DC are also usually made through NICE Pensions. This means it costs you less than you might think. Find out more about tax relief and NICE Pensions in the Why save in a pension? section.

Increasing your contribution rates

Legal & General look after Pace DC. For the first month after you are automatically enrolled, you should follow the instructions in your enrolment pack which will tell you how to opt out of Pace DC, or increase your contribution rate. The enrolment pack that Legal & General will send you includes an enrolment code which you will need to use. If you have lost this pack please call Legal & General’s helpline on 0345 026 8689.

You will be given the option to change your contributions within 30 days of the date you are first enrolled. After the 30 day window has expired, you will only be able to change your contribution rates once a year, usually in November.

If you are automatically enrolled into Pace DC, your contribution rate will be 1% of your Pay.