How your pension payments add up

See who's saving towards your future

How much is invested in your plan will depend on how much of your pay you give up and how much your employer pays in.

Our salary sacrifice calculator is being updated. We’re sorry for any inconvenient this may cause.

We have worked out your reduced tax liability and National Insurance (NI) savings based on your pensionable pay using 2023/24 rates. If your pensionable pay is not the same as your total pay then the figures shown may change.

The reduced tax liability is compared to what your tax position would have been, had you not contributed to your pension or used salary sacrifice during the tax year. We have taken that you do not reinvest your NI savings. But if you did, this would increase how much you invest in your plan each month. Your employer will also make NI savings but we’ve not shown these here. We have also taken that these won’t be paid into your plan.

No allowances have been made for tax rates in Scotland and Wales.

An annual allowance applies to the total amount paid into all of your pensions in each year. If payments exceed the annual allowance, a tax charge will be payable on the excess. Ask us for details.

The figures shown are provided for indicative purposes only, and are not guaranteed. Actual payments, your tax liability and any National Insurance savings will depend on HMRC rules and your personal circumstances, both of which may change.

WHAT SHOULD YOU DO NOW?

WHAT SHOULD YOU DO NOW?

You may be surprised how much difference paying in a little more can make. Especially, if your employer matches what you pay in.

You can use our ‘Paying more calculator’. It will show how increasing your pension payments can add up for you.

EMPLOYEES AND MEMBERS

EMPLOYEES AND MEMBERS

Joining a company pension means you'll have your own pension pot when you decide to take your benefit (on top of state pension).

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NOT SURE WHERE TO START?

NOT SURE WHERE TO START?

If you don’t know what to do about retirement or pensions, let us help. We’ll explain the basics and give you all the information you need to get started.

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COMBINE YOUR PENSIONS

COMBINE YOUR PENSIONS

Got more than one pension? Then you could think about putting them all in one place. Combining your pensions with Scottish Widows is simple and we won't charge you for this service.

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