Where will the contributions to my pension come from?
The government has set minimum contribution levels to give workers a good start to pension saving. Some of the money will come from your employer and the rest will come out of your wages. If you are a tax-payer you'll also get tax relief from the government on your contributions.
Contribution levels are set as a percentage of your qualifying earnings. 'Qualifying earnings' means the money you earn (including bonuses, overtime and benefits) between £6,240 and £50,270*.
The table below shows the minimum contribution levels.
(as a percentage of worker's qualifying earnings)
April 2019 onwards
8% (of which at least 3% must come from employer)
You may be able to pay extra contributions into your pot, either regularly or as a one-off, depending on the rules of your pension scheme.
Other people can also pay money into your pension pot if they wish, for example your spouse, partner or family.
*These figures apply to the 2021/22 tax year, and will be reviewed every year by the government.