How much you'll pay
The rate of contributions you pay will be based on your actual pensionable pay.
There are nine different contribution rates ranging from 5.5% to 12.5% - see the table below. Your employer will assess the rate of your contributions for each employment based on your actual pay.
Your actual pensionable pay
|In the main section, you pay a contribution rate of:||In the *50/50 section, you pay a contribution rate of:|
|Up to £15,000||5.5%||2.75%|
|£15001 to £23,600||5.8%||2.9%|
|£23,601 to £38,300||6.5%||3.25%|
|£38,301 to £48,500||6.8%||3.4%|
|£48,501 to £67,900||8.5%||4.25%|
|£67,901 to £96,200||9.9%||4.95%|
|£96,201 to £113,400||10.5%||5.25%|
|£113,401 to £170,100||11.4%||5.7%|
|More than £170,101||12.5%||6.25%|
Pensionable pay is the amount of pay on which you pay contributions. From 1 April 2014 it includes non-contractual (as well as contractual) overtime and any additional hours worked in excess of your contractual hours.
You will continue to receive tax relief on your pension contributions. To achieve this, your contributions are deducted from your pay before you pay tax.