Rm contribution

[Sputters]

Can anyone tell me . I pay in £24.74 a week pension what is the amount moneywise rm add to this weekly .
Thanks

[yellowbelly]

Can anyone tell me . I pay in £24.74 a week pension what is the amount moneywise rm add to this weekly .
Thanks

I think you'll need to specify which pension scheme you're in and what the figure of 24.74 is in percentage
terms to get a totally accurate number - if it's RMDCP it should say on your pay slip. Also have you tried
logging on to your pension account to see?

[RobertT]

Can anyone tell me . I pay in £24.74 a week pension what is the amount moneywise rm add to this weekly .
Thanks

I'll depend on which scheme you're in!

But assuming you're in the RMPP and therefore paying into the DBCBS, your £24.74 is equal to 6% of your pensionable pay.

RM pay in 13.6%, which in money terms is £56.07.

But remember that you also benefit from tax relief and salary sacrifice(PSE), which means you only actually pay 68% of the contribution on your payslip, with the government/taxman picking up the rest.
In your case that would be a net cost of £16.82 to you.

If you're actually in the RMDCP and paying in the maximum of 6%, then RM's contribution would be £41.23(10%).

[Sputters]

Thanks Robert I am in the RMPP DBCBS C

[RobertT]

I'm no expert on taxes, but as the rate of NIC's has increased by 1.25%, the PSE savings have now actually increased from the numbers I quoted above.

So rather than a total 32% saving via tax relief and salary sacrifice, it's now 33.25%.

Unless someone knows different?