Pension contrib pay

[Shirtbuttons]

Can someone explain what the pension contrib pay on top right of wage slip is? I know this may sound silly, I know it’s contribution towards pension but this never changes and isn’t no where near what I’ve paid in this year. I think is always states around £450. Can’t work this out.

[RobertT]

It's how much of your pay that's pensionable.

If you work out 6% of your pension contrib pay, you should get your weekly pension payment.

[renrag40]

Pensionable pays rises each April by the rate of RPI the previous September for members in Sections B and C..... I'm not sure whether it is capped at maximum of 5% or not. So pensionable pay has just risen by 4.9% for members in both those sections. This is irrespective of whether your actual pay rises in April...... I read a particularly mealy mouthed email from RM yesterday..... they have every intention of dragging out the pay negotiations this year for as long as possible...... no change there then.

[PFdriver488]

New starter here. are we by default at the voluntary max for maximising employer contributions or can I increase my voluntary and have rm go to their max amount?

[freespeech]

Pensionable pays rises each April by the rate of RPI the previous September for members in Sections B and C..... I'm not sure whether it is capped at maximum of 5% or not. So pensionable pay has just risen by 4.9% for members in both those sections. This is irrespective of whether your actual pay rises in April...... I read a particularly mealy mouthed email from RM yesterday..... they have every intention of dragging out the pay negotiations this year for as long as possible...... no change there then.

Interesting......I thought the rise was only for those that have taken their pensions. If pensionable pay rises whilst at work then the contributions at a fixed 6% of pensionable pay will rise too. I've never noticed that.

[Jefferson Starfish]

Pensionable pays rises each April by the rate of RPI the previous September for members in Sections B and C..... I'm not sure whether it is capped at maximum of 5% or not. So pensionable pay has just risen by 4.9% for members in both those sections. This is irrespective of whether your actual pay rises in April...... I read a particularly mealy mouthed email from RM yesterday..... they have every intention of dragging out the pay negotiations this year for as long as possible...... no change there then.

Interesting......I thought the rise was only for those that have taken their pensions. If pensionable pay rises whilst at work then the contributions at a fixed 6% of pensionable pay will rise too. I've never noticed that.

Hasn't that been the case since 2014?

[RobertT]

Pensionable pays rises each April by the rate of RPI the previous September for members in Sections B and C..... I'm not sure whether it is capped at maximum of 5% or not. So pensionable pay has just risen by 4.9% for members in both those sections. This is irrespective of whether your actual pay rises in April...... I read a particularly mealy mouthed email from RM yesterday..... they have every intention of dragging out the pay negotiations this year for as long as possible...... no change there then.

Interesting......I thought the rise was only for those that have taken their pensions. If pensionable pay rises whilst at work then the contributions at a fixed 6% of pensionable pay will rise too. I've never noticed that.

Hasn't that been the case since 2014?

Yes it has.

This years increase in pension payments is mentioned in the messages section on the first payslip of the new tax year.