Hi all,
This new levy got me analysing my pension somewhat. I always heard it was 6.5%, but reading up about it, and doing the maths, the following is happening:
3% of my gross salary
3.5% of {gross salary - [2 x Contributory Old Age Pension*]} (effectively about 2% of gross)
10% of my gross salary (Paid by my employer)
and now ~7% of my salary with the new levy.
*=997.97 p/m (230.30 p/w)
It also now looks with the new scheme that about 22% of my gross salary is being paid into my pension. Will my employers (3rd Level Institute) contribution (10%) be reduced now that I'm paying more?
Also, what's the logic behind the Gross-2xCOAP? Why twice the COAP?
Thanks!
This new levy got me analysing my pension somewhat. I always heard it was 6.5%, but reading up about it, and doing the maths, the following is happening:
3% of my gross salary
3.5% of {gross salary - [2 x Contributory Old Age Pension*]} (effectively about 2% of gross)
10% of my gross salary (Paid by my employer)
and now ~7% of my salary with the new levy.
*=997.97 p/m (230.30 p/w)
It also now looks with the new scheme that about 22% of my gross salary is being paid into my pension. Will my employers (3rd Level Institute) contribution (10%) be reduced now that I'm paying more?
Also, what's the logic behind the Gross-2xCOAP? Why twice the COAP?
Thanks!