Pre-2013/Post-2103 Pension contributions differences
Edit: stupid typo in the title. 2103 is 77 years away. I mean post-2013 :D
I am curious about the amount paid for the new Vs the old pension
I am pre-2013 and I pay:
1.5% of basic pay (Surv)
1.5% of basic pay (Lump sum)
3.5% of net pensionable pay
10%/10.5% ASC
I looked up the rates for the post-2013 pension. I could have these wrong.
3% basic pay
3.33%/3.5% ASC
This week my Pension payments were around 9% of my basic pay.
If I was on the new scheme I'd pay about 4.5% towards my pension.
My calculations show that if I was on the new scheme my pay would be around €50 higher per week.
I think I'd prefer to be on the old pension all the same.
I am just curious if my home-made excel calculator is accurate? Post-2013 civil servant, do you pay around 4.5% towards your pension, and pre-2023, do your figures broadly line up with mine?
I made a calculator that gives me my pay brolen down into all its deductions and the pension amounts etc. I had a problem where I was overpaid so needed to make a lot of calculations on what I owed back so it's been handy to have this document.
Thanks