Maximum Per Year £40k
“£40,000 – you must be JOKING…no way am I putting that much into my pension.” You may be shocked!
A teacher’s contribution to their pension is around 10% (twice the normal private pension rate)..so somewhere in the range £3k to £5k per year for a classroom teacher.
School Contributions
Employers have to also put in 23.6% (that’s nearly SIX times the minimum private pension scheme employer’s have to pay).
In addition, defined benefit schemes, such as the TPS have their ‘value’ calculated differently, so you may be surprised at just how much of your £40k Annual Allowance you have used.
Leave a Reply
You must be logged in to post a comment.