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How much do I pay?

What contributions do I pay?

The contributions you pay are now based on your actual pensionable pay. If you’re paid non-contractual overtime you’ll pay contributions on this too.

See the table below for your contribution rate.

Member contribution rate table from April 2020

Pay Contribution rate
Up to £14,600 5.5%
£14,601 to £22,800 5.8%
£22,801 to £37,100 6.5%
£37,101 to £46,900 6.8%
£46,901 to £65,600 8.5%
£65,601 to £93,000 9.9%
£93,001 to £109,500 10.5%
£109,501 to £164,200 11.4%
£164,201 or more 12.5%

Deciding your rate

Each April, your employer will decide your contribution rate by matching your actual pensionable pay to the appropriate band in the table above. The bands will increase every year by CPI.

If you have more than one job, your rate will be decided separately for each job you have.

If your pay changes during the year, your employer may decide to review your contribution rate. If this results in a change to your contribution rate, they will let you know. You have the right to appeal against the contribution rate they set.

You will continue to receive tax relief on your pension contributions, which means your contributions are deducted from your pay before you pay tax.

Contribution calculator

How much will you pay in contributions in the new scheme?

To use the calculator you will need to input

  • your pay for the next scheme year (which runs from 1 April to 31 March)
  • how often you are paid (either weekly or monthly), and
  • the section of the scheme you are in (you'll will be in the main section unless you choose to pay less in the 50/50 section).

Go to the calculator (external link)