No it's not AstraZeneca. I am sure there's a catch though. They give an example of someone on £20k paying 3% PA. So they put in £600 and the company puts in 6% plus the 10% for a total of £3800. The max they pay on top is 10% plus the 'bonus' 10%. You can take that 'bonus' 10% as salary although it's only 9.4% as a cash allowance.
It's all because those in the final salary pension will be on less than new joiners who aren't in it. Hence the negotiated 10% extra. You can swap and change that yearly too.
If I opt into it then I'd leave the extra in and probably risk no more than 5% salary which they will make up to a total of 25%. But it makes you realise how much risk the final salary pension scheme is because they only pay in the same as you!
The scheme also pays out life cover at 4x salary. It all sounds fair but not as good as the current scheme.
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Pension Statement new
Pension Statement new