How much do I pay?

Question:
How much do I pay?
Answer:

The level of contributions you pay is dependent on your Pensionable Pay. In the Main Section of the scheme, the lowest rate is 5.5% of your pay and the highest rate is 12.5%. However, in real terms it will be less than that because your contributions will attract tax relief. This means your pension contributions are deducted from your salary before you pay tax. In most cases you will also pay reduced national insurance contributions.

Please see the Contribution Rates page for further information about the rate banding.