The figures are based on tax and National Insurance rates effective from 6th November 2022.
The figures shown are for illustration purposes only and do not constitute any form of advice. The employee should speak to their financial adviser in this respect. They may be charged for any advice given by their financial adviser. Any such charge or cost should be confirmed at outset.
The net annual contribution shown takes account of basic rate tax relief only where contributions are made net from net pay. Intermediate rate (Scottish taxpayers only), higher rate tax and additional rate tax are taken into account in the calculations however the amount of intermediate rate (Scottish taxpayers only), higher rate and additional rate tax relief actually available will depend on individual circumstances.
The figures assume the employee is between the ages of 21 and State Pension age.
Salary exchange may reduce the employee's entitlement to statutory benefits, means tested benefits, tax credits or other salary related finances, for example mortgages.
References to taxation are based on our understanding of the current law and practice and may be affected by changes in legislation or an individual's personal circumstances. Annual amounts of earnings thresholds and limits are used when calculating National Insurance Contributions.
The UK (exc Scotland and Wales) income tax rates and bands are assumed to apply.
If salary exchange is set up on a percentage of salary basis, note that the actual amounts payable may be slightly different to those shown due to rounding.
Royal London accepts no responsibility for any loss as a result of relying on the figures in the calculations shown.
The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The firm is on the Financial Services Register, registration number 117672. It provides life assurance and pensions. Registered in England and Wales, company number 99064. Registered office: 55 Gracechurch Street, London, EC3V 0RL. Royal London Marketing Limited is authorised and regulated by the Financial Conduct Authority and introduces Royal London’s customers to other insurance companies. The firm is on the Financial Services Register, registration number 302391. Registered in England and Wales company number 4414137. Registered office: 55 Gracechurch Street, London, EC3V 0RL. RL Corporate Pension Services Limited, registered in England and Wales, company number 05817049. Registered office is at 55 Gracechurch Street, London EC3V 0RL.
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