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 £16,500||5.5%||2.75%|
|£16,501 to £25,900||5.8%||2.9%|
|£25,901 to £42,100||6.5%||3.25%|
|£42,101 to £53,300||6.8%||3.4%|
|£53,301 to £74,700||8.5%||4.25%|
|£74,701 to £105,900||9.9%||4.95%|
|£105,901 to £124,800||10.5%||5.25%|
|£124,801 to £187,200||11.4%||5.7%|
|£187,201 or more||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.