How much does it cost?
nuvos
Contributions
What will nuvos cost me?
You must pay contributions, currently 3.5% of your pensionable earnings. The contributions come off your gross pay before deducting your income tax, so you get tax relief at the highest rate you pay.
How much will my employer pay?
Your employer will make contributions based on salary bands and are reviewed every three years. See Accruing Superannuation Liability Charges.
What earnings are pensionable?
Generally, only permanent items of pay are pensionable. These will include any allowances (whether cash or not) notified to you as pensionable but will exclude payments such as overtime. Bonus payments are not normally pensionable.
What about National Insurance?
You pay National Insurance contributions at the lower “contracted-out” rate. This means that you will not build up any entitlement to State Second Pension for the period that you are covered by the scheme, but you may be eligible for a top up payment.
