How much does it cost?

How much you pay in your pension account depends on how much you are paid and the pay band you fall into.

If you work part-time or term-time, your rate is based on the actual rate of pay for your job(s), so you only pay contributions on the pay you actually earn per job.

The pay bands that apply from April 2021 are below:

If your actual pensionable pay rate is You contribute 50/50 section
Up to £14,600 5.50% 2.75%
£14,601 to £22,900 5.80% 2.90%
£22,901 to £37,200 6.50% 3.25%
£37,201 to £47,100 6.80% 3.40%
£47,101 to £65,900 8.50% 4.25%
£65,901 to £93,400 9.90% 4.95%
£93,401 to £110,000 10.50% 5.25%
£110,001 to £165,000 11.40% 5.70%
£165,001 or more 12.50% 6.25%

The contribution rates and pay bands in this table are reviewed periodically and may change in the future.

Meet Jenny…

Full-time

Jenny £22,850 per year 5.8% to pay £110.44 per month
(before tax relief)

Part-time

Jenny £11,424 per year 5.5% to pay £52.36 per month
(before tax relief)