Your employer will not automatically enrol you into a workplace pension scheme but you can choose to join. Nest is the workplace pension scheme set up by the government. The Government has set minimum levels of contributions that must be paid to the workplace pension scheme by you and/or your employer. It is your earnings before tax (up to a maximum limit of £50,000 per year) – less the lower earnings threshold of £6,240. You are too young to join a workplace pension. We can't give you personal advice or take your financial circumstances into account. Automatic Enrolment Explainer video. Add +44 7701 342744 to your Whatsapp and send us a message. Getting 20% tax relief doesn't mean you get 20% back of what you contribute. First we would calculate the reduction factor: Reduction Factor = (62 – Retirement Age) x 5% = (62 – 59) x 5% = 15%. Payday Example: A Defined Contribution Pension Scheme:. By using the workplace pension calculator, you can see how much your contributions are worth. This will help us improve our service and tailor the marketing you see on apps and other websites. Scottish and Welsh income tax thresholds may differ. This is explained in the letter you receive from your employer about automatic enrolment. Need help sorting out your debts, have credit questions or want pensions guidance? Learn more about your workplace pension scheme. If you have more than one job (opens in a new window), you will have to enter each salary separately. Find out how much your pension fund is likely to total using our pension calculator. Please Note: Your earnings are very close to the automatic enrolment salary threshold. Employees can realise up to 100% tax relief on the amount they pay in to the pension fund annually. If you’re using qualifying earnings, you’ll contribute a percentage of your worker’s gross annual earnings that fall between £6,240 and £50,000. Once you know how many years you may be in retirement for, you can work out how much you need to pay into your pension now, to last you in later life. Legally, a minimum percentage of 'qualifying earnings' must be paid into a workplace pension scheme by an employee. Pension calculator If you’ve already checked your State Pension (external website), this pension calculator by the Money ... make sure you have an idea of how much you – and your employers – have paid in to workplace pensions over the years. Your employer will tell you how much you will have to pay. The Pensions Calculator went live on 9 March 2018. The figures shown aren't a guarantee you'll get that amount. Give us a call for free and impartial money advice. Salary sacrifice (sometimes called salary exchange) provides an ideal opportunity to make pension contributions and save on National Insurance. Your employer will not automatically enrol you into a workplace pension scheme but you can choose to join. Our secure site is a convenient way for you to view and manage your accounts with us. The calculator below shows you how much your monthly pension contributions could add up to in retirement. This calculator allows you to estimate the contributions you should be paying to your pension to provide your Target Pension in retirement. They are essential for the basic functionalities of the website, and these can’t be turned off. It's free for employers and easy to set up. At your earnings level, you will have to make contributions based on your full salary. Use this calculator to help you create your retirement plan. Getting a pension after retirement is a great financial support for the elders, but you do not have to wait so long to know if your current pension deal will provide you the great benefits in the future and if moving your pension will provide a greater deal, free-pension-calculator.com does that all for you. 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