Pension contribution calculation help

[shalalala]

Hello. I am hoping someone far cleverer than me can help with pension contribution help.

I am on the basic contribution scheme of 5% employee, 3% employer on eligible earnings from a salary of £75k (taxed at source). I would like to increase this to an extra £500 a month post tax (which is what I can afford to lose a month). What % employee contributions do I need to instruct my employer? I worked out it is 29% but is that right?

Many thanks

Will payroll not calculate this for you?

Hi OP, you need to increase your contribution from 5% to 13%.

Currently a total of 8% is going in. 8% of 75k is 6k per year, 500 per month. You want to double this so, 16% total needs to go in. Your employer is putting in 3% so you need to put in 13% to give a total of 16%.

By eligible earnings do you mean:

• basic salary or
• all earnings between £6,240 and £50,270 (ie qualifying earnings) or
• something else?

When you look at the form you need to complete, do you need to specify a total % you want to contribute (ie inclusive of the 3% you already contribute) or a separate % (ie just for your voluntary contributions)?

Do your pension contributions go out of your gross pay (before tax) or after?

Hiya.
I mean qualifying earnings. My contribution goes out pre tax. I need to confirm a total amount ie increasing from 5% to 15%.

Thank you