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First Pension Wage

14 Nov 2019, 18:13

Can I just ask for someone to clarify my wage slip so I understand it? I’m a 30 hours part timer. Last week this is what my wage slip looked like:

PAYMENTS:
Basic Pay: 313.75
Supplement: 20.26
Overtime (2.5hr): 31.62

DEDUCTIONS:
Tax and NI
RMDCP MIN EE: 11.07

Then there is this weeks pay, which I just need some clarification on:

PAYMENTS:
Basic Pay: 313.75
Supplement: 20.26
Overtime (1.45hr): 19.48
PSE Adj RMDCP MIN: -15.69 (Minus)
Arrears of PSE Adj RMDCP MIN: -12.04 (Minus)

DEDUCTIONS:
Tax and NI
RMDCP MIN EE: -11.07 (Minus)

Does it all look correct? I just think the minus in the deductions and payments are confusing me. If someone could explain the figures it would be greatly appreciated. Thanks in advance!

First Pension Wage

14 Nov 2019, 20:25

The - sign is because the Pension payment is taken out of your total wages...example being if you earnt £400 & your pension was £20 you would only pay your tax & insurance on £380 & not £400

First Pension Wage

15 Nov 2019, 15:41

RM pension contributions are paid via salary sacrifice(they call it PSE), which means that not only do we get tax relief on our pension payments, but we get NI relief too. In effect RM are paying our contributions instead of us, meaning that both us and RM save on NIC's.

To be honest I'm a bit confused by the 2 pay slips, but it seems to me that the first was wrong and the second is putting it right.

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