How much do I pay in to my pension?

Whether you’re full-time or part-time, you’ll pay a percentage of your gross full-time equivalent salary into your pension each month.

You’ll get income tax relief on your contributions and your employer will deduct them automatically from your salary. They will then pay a further 14.1% directly into your pension each month.

Like any financial transaction you make, it’s important you’re paying the correct amount. So check your payslips and if you think a mistake is being made, contact your employer immediately.

The pension contribution rates for 2014/15 are shown in the table below.

Lower Salary 
Higher Salary 
Contribution Rate
in 2014/15
Increase
against 2013/14

 

 

 14,999

6.4%

0.0%

 15,000

 25,999

 7.2%

 0.2%

 26,000

 31,999

 8.3%

 0.4%

32,000

 39,999

 9.5%

 0.7%

40,000

 44,999

 9.9%

 0.7%

 45,000

 74,999

 11.0%

 0.9%

 75,000

 99,999

 11.6%

 1.0%

 100,000

 

 12.4%

 1.2%

Our contribution increase calculator will provide an illustration of how your pension may be affected by these changes.

Your Annual Benefit Statement

Each year we’ll send you a statement showing what your benefits are currently worth. It’s worth reading through this to check it's accurate.

Last Updated: 21/03/2014 10:48

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