For members of the RNLI UK Group Personal
Pension Plan
(the Defined Contribution Plan)
This modeller is here to help you see the impact of ‘Pension Salary Exchange’ on your National Insurance (NI) contributions.
| Please enter your details into the boxes below: | ||
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| Contributory members | Salary exchange members | ||
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(About Personal Tax Allowances) |
Personal tax allowance assumed | ||
| Your total annual earnings | Your total annual earnings | ||
| Pre-existing salary sacrifices | Pre-existing salary sacrifices | ||
| Tax paid | Tax paid | ||
| Your NI contributions due on | Your NI contributions due on | ||
| Salary (after tax and NI contributions) | Salary (after tax and NI contributions) | ||
| Net pension contributions | Pension contributions | Not Applicable |
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| Tax relief at higher rate – see note 1 below | Tax relief at higher rate – see note 1 below | Nil | |
| Annual Salary (after tax, NI and pension contributions) |
Annual Salary (after tax and NI contributions) | ||
| Monthly Salary (after tax, NI and pension contributions) |
Monthly Salary (after tax and NI contributions) | ||
| Your gross contributions to your pension plan | Extra RNLI contributions to your pension plan | ||
| Your annual savings in NI contributions from pre-existing salary exchanges | |||
| Your annual savings in NI contributions from Pension Salary Exchange | |||
Important notes
Note 1 – Any higher rate tax relief available to Contributory members will be obtained via your annual Self-Assessment tax return – you are responsible for reclaiming this relief. Salary Exchange members do not contribute to their pension so there is no higher rate tax relief to reclaim.
Note 2 – Calculations are based on tax and NI rates for the
tax year – these
include the following:
– The Primary Threshold (£
a year) above which NI contributions become
payable at a rate of .
– The Upper Earnings Limit (£ a year); earnings over this level attract NI contributions at 2%.
The calculator is not configured for Scottish tax bands and is for working out net pay for annual salaries up to £99,000.
Note 3 – The calculator should only be used as a guide to the savings that will be made. It does not take account of your personal circumstances and personal allowances other than for a single person.
Note 4 – Any pension saving in excess of your Annual Allowance will be taxed at your marginal tax rate (although it is possible to offset excess pension savings against unused allowance from the previous 3 tax years). The calculator does not take into account this additional charge.
Note 5 – When considering pension salary exchange, you also need to consider the impact on other employment and state benefits, such as Statutory Sick Pay.
Note 6 – Only use this calculator if you are below State Pension Age.
Note 7 – You cannot exchange salary below either the Statutory Minimums or the Lower Earnings Limit.
Note 8 – This calculator is not set up for use by Isle of Man, Channel Islands or Republic of Ireland employees.