I was given a funding range, but I’m not sure what this means?

The range you are given represents the minimum and maximum funding levels. As a general rule, the targeted funding level would be somewhere in the middle. This allows you some discretion to contribute a larger amount in a good financial year and a lower amount in a lean year.

But please be careful. If you consistently fund at the low end of the range, then future minimums will start to increase and push funding amounts higher. Likewise, if you consistently fund at the high end of the range, you will find that maximum contributions will start to decrease, and future funding amounts can be limited. Please ask us if you want further clarification on this issue.