Teachers pension

Matt_22

Each time you get paid, you pay a percentage of your salary into your pension, topped up with a contribution from your employer. The government also helps out through tax relief, as you don't pay tax on the earnings paid into your pension (subject to a maximum annual allowance of pension growth).
So you'd get more money in your pocket from salary?

Dazed_and_C0nfused

Matt_22 said:

Each time you get paid, you pay a percentage of your salary into your pension, topped up with a contribution from your employer. The government also helps out through tax relief, as you don't pay tax on the earnings paid into your pension (subject to a maximum annual allowance of pension growth).
So you'd get more money in your pocket from salary?

No, you get less money in your pocket now but more than make up for that in retirement.

For someone paying basic rate tax each £100 contribution will only cost £80 in net pay.

Matt_22

The money is taken off your wage before tax. So you pay less tax on your remaining salary?

Dazed_and_C0nfused

Matt_22 said:

The money is taken off your wage before tax. So you pay less tax on your remaining salary?

Yes, that's correct.

Matt_22

It's a 2 years minimum vesting period. Hopefully this shouldn't be a problem as this role excites me