Day 3: When can I afford to retire?
Your retirement income
Your income in retirement is calculated based on an average of your earnings throughout your career.
To find out more about this calculation head to our website.
If you are already a member we have a handy tool on our member self service portal which you can use to predict your pension. (Information on how to sign up on our website).
How much does it cost and who pays?
The cost of a pension is shared between you the employee and your employer.
If you are not a member of the pension scheme you are missing out on these employer contributions.
Employee: The rate you pay is dependent on how much you are paid, this can range from 5.5% to 12.5%, the majority of employees will pay 6.5%. The full table of rates can be found on our website.
Employer: Your employer will pay the balance of the cost of providing your benefits after taking into account investment returns (more on the investments in tomorrow's factsheet). Generally the split is 1/3 employee and 2/3 employer.
£94m The value of contributions paid by employers in 2020/21
£24m The value of contributions paid by employee's in 2020/21