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How much will the new Scheme cost me?

To find out input the following details:

  • Annual Pensionable Pay - This is the actual pay that you receive each year including overtime
  • Pay frequency - How often are you paid? Choose either monthly, weekly or lunar
  • Tax Allowance - Set to 11,850 (2018/19) but if you know you have a different personal tax allowance please input here
  • Section of the Scheme - The 2015 Scheme has a 50/50 section which means that you can choose to pay half the contributions and build up half the amount of pension. You are in the main section of the scheme unless you opt to join the 50/50 section.

Your Contributions: The results show your contribution rate based on the pay band that you fall into. The gross contribution is the amount you will see on your payslip. However this figure is before tax relief meaning that the real cost to you is usually less. The net contribution amount shown takes the reductions for tax into account, showing the amount that you actually pay.

Your Details:

Your Contributions:

Annual Pensionable Pay £

Pay Frequency

Tax Allowance £

Section of the Scheme

Over State Pension Age?

Show Contributions

The contributions calculated are based on the information you have provided above.

Contribution band

Contribution Rate

Gross Contributions

Marginal Tax Rate

Less Tax Relief

Net Contributions

Errors: Errors are shown in red

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