Here at Dataplan Education, we have our very own team of utterly wonderful people, dedicating their lives solely to Pension Management.
They’re great, and kind, and sweet and funny which helps when your whole day revolves around pensions.
Personally, when I hear the word ‘pension’ I run for cover, over the hills as far and as fast as my little legs will take me because none of it seems simple. And all of it seems horrifically important to our customers and employees alike.
Thankfully, in this case, things are pretty straight forward.
Here at Dataplan Education, we have our very own team of utterly wonderful people, dedicating their lives solely to Pension Management.
They’re great, and kind, and sweet and funny which helps when your whole day revolves around pensions.
Personally, when I hear the word ‘pension’ I run for cover, over the hills as far and as fast as my little legs will take me because none of it seems simple. And all of it seems horrifically important to our customers and employees alike.
Thankfully, in this case, things are pretty straight forward.
As of April 2015, the contribution bandings of pay for Local Government Staff have adjusted slightly, as usual, to coincide with staff increments and the new tax year. It’s nothing to worry about, as an automatic change, it just puts the percentages at a different rate.
So, to break it down, any employee enrolled in the scheme that earns up to the amount of £13,600 will pay contributions at 5.5% of their gross salary, as opposed to the old annual amount of £13,500.
An employee with an annual salary between £13,601 and £21,200 will pay pension at 5.8%:
£21,201 – £34,400 = 6.5%
£34,401 – £43,500 = 6.8%
£43,501 – £60,700 = 8.5%
£60,701 – £86,000 = 9.9%
£86,001 – £101,200 = 10.5%
£101,201 – £151,800 = 11.4%
And anything over £151,800 will have a percentage contribution of 12.5% of the gross salary.
Helpfully, a lot of employers have increased their own contributions in line with this adjustment and are now paying in on the employees’ behalf at a higher rate. So while it might suck mightily to see just how much salary you’re not getting a month, take solace in the fact that the school is right there commiserating with you.
Misery truly does love company.
And rememver when you are pensioner, floating along peacefully on your lilo at the beach house in Malta, it’ll be totally worth it. That’s the dream, right?