Backdating your contributions
To give your DC savings an initial boost, ITV may invite you to backdate your contributions when you join the DC Plan.
Ready to give your savings a lift?
Great! All you need to do is fill in a backdating form before your offer expires. Once you’ve submitted this form, we’ll let you know the next steps and what to expect. You can find out about the backdating offer below.
Backdate your contributions form
How backdating works
- You can backdate up to 9 months’ contribution at either 3%, 4%, 5% or 6% of your pensionable earnings. In return, ITV will backdate its contribution once you've joined the DC Plan and paid your backdated contribution.
- ITV's backdated contribution will be adjusted to allow for any contributions it's made to the ITV Auto-Enrolment Plan (the AE Plan). If you've built up savings in the AE Plan, you can offset these against the cost of the backdate.
- You'll have about 3 months from the date we send you details of this option to decide whether to backdate your contribution. It’s completely up to you.
- You can ask ITV Pensions for an estimate of how much you might be able to backdate – Get in touch.
| Your backdated contribution rate | ITV’s backdated contribution rate (adjusted for any contributions it's paid to the AE Plan) | Total amount you’d get for each month you backdate |
|---|---|---|
| % of your pensionable earnings | ||
| 3% | 6% | 9% |
| 4% | 7% | 11% |
| 5% | 8% | 13% |
| 6% | 9% | 15% |
- If you participate in the DC Plan through salary sacrifice, you don’t pay contributions directly to the DC Plan. Instead, what happens is that your basic salary is reduced by the amount of your core contributions, and ITV pays your core contributions for you, as well as its own contributions. Participating in this way means that most members pay less NI.
Paying for your backdated contribution
You can pay for your backdated contribution:
- Directly from your pay (on top of your monthly core contribution) in 1, 2 or 3 equal monthly instalments. You'll get tax relief immediately on your payment, so you won't need to complete a personal tax return; or
- Using savings you've built up outside of ITV. You'll pay these directly to the DC Plan so you'll need to reclaim the tax by completing a personal tax return.
Tax savings on your backdated contributions
Here are the tax savings you'd make on your backdated contribution:
Making your backdated contributions from your salary
If your backdated contributions are deducted directly from your salary, you’ll benefit from tax savings immediately.
Using savings from outside ITV
If you use savings you’ve built up outside ITV to pay for your backdated contributions, you’ll benefit from tax savings but only if you reclaim them by completing an annual tax return.
Using savings from the AE Plan
You benefit from tax savings on your contributions when you initially make your contributions to the AE Plan. So because you've already benefited, you don't get tax savings again if you offset the cost of these savings against your backdated contributions.
ITV will backdate its contributions based on the number of months and backdating percentage you choose. ITV's backdated contributions will be offset by the amount it's paid to the ITV Auto-Enrolment Plan.
Once you've joined the DC Plan, we'll send you details of the backdating option and you'll then have about 3 months to decide if you'd like to backdate your contributions. We'll confirm the decision date when we send you details of your options.
It's up to you. Most members will choose to invest their backdated contribution in the same way as their monthly core contributions to the DC Plan, but you can choose a different option if you prefer. The backdating form will guide you through the steps you need to take and help you decide how to invest your DC saving.
Any savings you've built up in the ITV Auto-Enrolment Plan (the AE Plan) will be transferred to the DC Plan automatically once you've joined. If you prefer to leave your savings in the AE Plan, please get in touch with ITV Pensions.
No. If you join the DC Plan, it's up to you whether you backdate your contributions.