Is the CARE pension scheme offered by Network Rail permissible?

Q: I understand you have answered questions regarding CARE pension schemes and regard it as permissible. However the option (from Network rail) I have been given states that I contribute 7% of my pensionable salary to earn a unit of pension which is 1/60 of the salary. The company states that employee contributions cover 40% […]

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Is the new NHS pension scheme shariah compliant?

Q: The CARE (Career Average Revalued Earnings) is a type of defined benefit pension scheme. A defined benefit scheme guarantees a certain level of benefit at retirement, according to a fixed formula. In this respect it is similar to the current final salary sections of the NHS Pension Scheme. In a CARE scheme your pension is […]

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