Your contribution rate is simply a percentage of your pay that goes towards your pension. How much you pay in, depends on how much you earn
When you first join the scheme and every April after, your employer will decide your contribution rate by comparing your annual pay with the pension scheme's contribution rates. These rates are set by the Government and are reviewed annually.
To find out your contribution rate for 2023/24 either:
- Use our Costs & Contribution Calculator.
- Review the contributions rate table
- Wait for your employer to contact you to tell you your contribution rate for the coming year.
These rates will apply to your pay from 1 April 2023.
Remember there are options to pay more or less into your pension depending on your circumstances. To find out more about increasing or reducing your contributions click here.
