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  • FIRST POST
    • AleksandraK
    • By AleksandraK 12th Jun 17, 11:48 AM
    • 13Posts
    • 1Thanks
    AleksandraK
    How much do I get paid?
    • #1
    • 12th Jun 17, 11:48 AM
    How much do I get paid? 12th Jun 17 at 11:48 AM
    I would like someone's advice before I go and speak to my employer.

    While ago (January 2016) was given a pay rise to £22,000/year

    Then a short while ago applied for a first mortgage and when my mortgage broker calculated my salary it came I only get paid £20,997/year
    On my actual P60 for 2016/2017 total is £19002.60
    Tax code 1100L
    Weekly pension contribution is £2.92
    My hourly rate is £13.46 and I work 30 hours a week
    My weekly pay is £333.25 and it's always the same, no overtime ever.

    I'm now confused how much do I actually get paid? Can anyone help and advise if there is a point of me going and speak to my employer?
Page 1
    • RichardD1970
    • By RichardD1970 12th Jun 17, 11:58 AM
    • 2,582 Posts
    • 3,775 Thanks
    RichardD1970
    • #2
    • 12th Jun 17, 11:58 AM
    • #2
    • 12th Jun 17, 11:58 AM
    According to this site your mortgage company is right.

    Put your figures in and see what you get.
    • AleksandraK
    • By AleksandraK 12th Jun 17, 1:10 PM
    • 13 Posts
    • 1 Thanks
    AleksandraK
    • #3
    • 12th Jun 17, 1:10 PM
    • #3
    • 12th Jun 17, 1:10 PM
    Thank you, Richard.

    Any idea where does the £19002.60 on my P60 come from then?
    • p00hsticks
    • By p00hsticks 12th Jun 17, 1:50 PM
    • 5,591 Posts
    • 5,136 Thanks
    p00hsticks
    • #4
    • 12th Jun 17, 1:50 PM
    • #4
    • 12th Jun 17, 1:50 PM
    My hourly rate is £13.46 and I work 30 hours a week
    My weekly pay is £333.25 and it's always the same, no overtime ever.
    Originally posted by AleksandraK
    30 x £13.46 is £403.80 - is the £333.25 figure you quote after deductions ? (tax, NI, pension)
    • dawyldthing
    • By dawyldthing 12th Jun 17, 1:54 PM
    • 2,544 Posts
    • 1,749 Thanks
    dawyldthing
    • #5
    • 12th Jun 17, 1:54 PM
    • #5
    • 12th Jun 17, 1:54 PM
    Type in your weekly pay into listentotaxman.com it will work out tax, national insurance and yearly pay
    My targets to end 2018:
    1) To get down to 11 stone 7lbs then treat to a safari. At start 17 stone 7 lbs 36.5lbs lost 47.5lbs to go.
    Started SW16st13lbs 11/7/17 - 10 weeks in -28.5lbs
    3/9 to NYE 2.5lbs down / 12.5lbs to go
    2) to find new challenges
    • AleksandraK
    • By AleksandraK 12th Jun 17, 2:02 PM
    • 13 Posts
    • 1 Thanks
    AleksandraK
    • #6
    • 12th Jun 17, 2:02 PM
    • #6
    • 12th Jun 17, 2:02 PM

    My hourly rate is £13.46 and I work 30 hours a week
    My weekly pay is £333.25 and it's always the same, no overtime ever.
    Originally posted by AleksandraK
    ”30 x £13.46 is £403.80 - is the £333.25 figure you quote after deductions ? (tax, NI, pension)
    yes, it's after deductions
    • jobbingmusician
    • By jobbingmusician 12th Jun 17, 2:20 PM
    • 18,692 Posts
    • 18,978 Thanks
    jobbingmusician
    • #7
    • 12th Jun 17, 2:20 PM
    • #7
    • 12th Jun 17, 2:20 PM
    If you have a letter from your employer saying your annual pay is £22k then yes, it is worth speaking to your employer, as they are only paying you (just under) £21k!
    I'm the Board Guide on the Matched Betting; Referrers and Jobseeking & Training boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there. Board guides are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.

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    • t0rt0ise
    • By t0rt0ise 12th Jun 17, 3:09 PM
    • 2,906 Posts
    • 1,784 Thanks
    t0rt0ise
    • #8
    • 12th Jun 17, 3:09 PM
    • #8
    • 12th Jun 17, 3:09 PM
    The total for the year on the P60 is gross minus pension contributions. Are you really only paying a couple of quid for a pension? That's very low.
    • TyreLever
    • By TyreLever 12th Jun 17, 4:26 PM
    • 114 Posts
    • 46 Thanks
    TyreLever
    • #9
    • 12th Jun 17, 4:26 PM
    • #9
    • 12th Jun 17, 4:26 PM
    The total for the year on the P60 is gross minus pension contributions. Are you really only paying a couple of quid for a pension? That's very low.
    Originally posted by t0rt0ise
    **** me how much are we supposed to pay for pensions? Lets say that when I retire I want the same amount paid to me as my average wage was. How much of my wage would I need to pay in pension contributions to receive that? Base it on a 30 year old expecting to retire at the standard retirement age, whatever that is, 127 most probably by the time I retire.
    • dawyldthing
    • By dawyldthing 12th Jun 17, 4:35 PM
    • 2,544 Posts
    • 1,749 Thanks
    dawyldthing
    **** me how much are we supposed to pay for pensions? Lets say that when I retire I want the same amount paid to me as my average wage was. How much of my wage would I need to pay in pension contributions to receive that? Base it on a 30 year old expecting to retire at the standard retirement age, whatever that is, 127 most probably by the time I retire.
    Originally posted by TyreLever
    I believe they say start with half your age as a percentage into a pension, but I'm not bothering as give it another 20 years and I can't see them existing for anyone in all honesty as the pots being emptied quicker than its being filled
    My targets to end 2018:
    1) To get down to 11 stone 7lbs then treat to a safari. At start 17 stone 7 lbs 36.5lbs lost 47.5lbs to go.
    Started SW16st13lbs 11/7/17 - 10 weeks in -28.5lbs
    3/9 to NYE 2.5lbs down / 12.5lbs to go
    2) to find new challenges
    • Aced2016
    • By Aced2016 12th Jun 17, 4:39 PM
    • 221 Posts
    • 442 Thanks
    Aced2016
    Maybe your increase didn't take place right away. It was maybe applied later in the year which would explain the shortfall. Speak with HR though to clarify it for you.
    Last edited by Aced2016; 12-06-2017 at 4:45 PM.
    • AleksandraK
    • By AleksandraK 13th Jun 17, 10:01 AM
    • 13 Posts
    • 1 Thanks
    AleksandraK
    Thank you all for the replies, very helpful indeed!
    I had a little investigation last night and like Aced2016 sugessted the increase was applied later than I assumed hence the shortfall.
    I also discovered that the amount of my weekly contributions towards pension varies from £2.97 to £9 ... yet they still pay £333.25 into my account ... bizzare? Unfortunately, it looks like the company's accountant is losing the plot....
    • PossiblyOverworked
    • By PossiblyOverworked 14th Jun 17, 6:45 PM
    • 59 Posts
    • 5 Thanks
    PossiblyOverworked
    Is it a salary sacrifice pension arrangement?

    By that I mean that the pension amount is "sacrificed" from your pre-tax salary, so you never see it as gross income (it goes straight into your pension instead) but many employers with this arrangement will report the "contractual" figure rather than the "reduced" figure to mortgage companies.

    For example if I earn £18,000 and pay 3% into my pension via a salary sacrifice arrangement... the employer would report £18k as my salary (which would be £1500 per month) to mortgage co etc. but my gross reported to HMRC would be 97% of that (with 3% taken off for the pension) i.e. £1455 per month.

    What would actually happen is 3% of my salary would be "taken off" before ever being paid to me, and put into the pension (possibly with some employer contribution, or possibly not!) so any income tax and NI etc would follow from the new, "reduced" gross amount.

    I didn't do the maths with your numbers but a previous poster said the "discrepancy" equals the amount you say you are putting into a pension, so that's the feeling I have about that.
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