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Contributions

How much does it cost?

nuvos pension scheme

What will nuvos cost me?
How much will my employer pay?
What earnings are pensionable?
What about National Insurance?
What will nuvos cost me?
You must pay contributions, currently 3.5% of your pensionable earnings. The contributions come off your gross pay before deducting your income tax, so you get tax relief at the highest rate you pay.
How much will my employer pay?
Your employer will make contributions varying between 16.5% and 23.5%, depending on your annual salary.
What earnings are pensionable?
Generally, only permanent items of pay are pensionable. These will include any allowances (whether cash or not) notified to you as pensionable but will exclude payments such as overtime. Bonus payments are not normally pensionable.
What about National Insurance?
You pay National Insurance contributions at the lower “contracted-out” rate. This means that you will not build up any entitlement to State Second Pension for the period that you are covered by the scheme, but you may be eligible for a top up payment.