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Pension contributions not adding up

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baileywin
baileywin Posts: 56 Forumite
in Auto-enrolment
Earn £33k a year (£2,750pm)

Pension contributions are 0.8% of qualifying income (which my employer defines as <£43k

I think my pension contributions should be £22pm.

My actual contributions are £22.60pm.

I've only been in the scheme two months.

It's not the 60p I'm worried about, more that somewhere in my spreadsheet I've got the maths wrong.

Any ideas?

Comments

  • TrustyOven
    TrustyOven Posts: 746 Forumite
    First Anniversary First Post Combo Breaker
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    How do your figures match up to the annual / monthly and weekly figures here:

    https://listentotaxman.com/33000?plan=0&pension=0.8%25
    Goals
    Save £12k in 2017 #016 (£4212.06 / £10k) (42.12%)
    Save £12k in 2016 #041 (£4558.28 / £6k) (75.97%)
    Save £12k in 2014 #192 (£4115.62 / £5k) (82.3%)
  • baileywin
    baileywin Posts: 56 Forumite
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    TrustyOven wrote: »
    How do your figures match up to the annual / monthly and weekly figures here:

    https://listentotaxman.com/33000?plan=0&pension=0.8%25
    Closely, but not quite. But in any case, the pension contribution is off gross salary?

    I have a student loan, too.
  • baileywin
    baileywin Posts: 56 Forumite
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    any other opinions?
  • HappyHarry
    HappyHarry Posts: 1,588 Forumite
    First Anniversary Name Dropper First Post
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    baileywin wrote: »
    Earn £33k a year (£2,750pm)

    Pension contributions are 0.8% of qualifying income (which my employer defines as <£43k

    I think my pension contributions should be £22pm.

    My actual contributions are £22.60pm.

    I've only been in the scheme two months.

    It's not the 60p I'm worried about, more that somewhere in my spreadsheet I've got the maths wrong.

    Any ideas?

    Your maths looks just fine to me.

    I could only suggest you ask your employer to clarify the contribution levels, and the difference that you are seeing.
    I am an Independent Financial Adviser. Any comments I make here are intended for information / discussion only. Nothing I post here should be construed as advice. If you are looking for individual financial advice, please contact a local Independent Financial Adviser.
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