NHS Pension Scheme – Costs & Contributions

NHS-Pension-AgencyContribution rates are tiered depending on your level of whole‐time equivalent earnings (based on basic salary only and not including band up‐lifts):

·         £0 – £15,279                                  5.0%

·         £15,279 ‐ £21,176                        5.3%

·         £21,176 – £26,558                        6.8%

·         £26,558 – £48,983                        9.0%

·         £48,983 – £69,932                     11.3%

·         £69,932 – £110,274                   12.3%

·         £110,274 +                                   13.3%

But the actual cost is normally between 4.00% and 7.98% of net pay because:

  • Your contributions attract tax relief;
  • You pay a lower rate of National Insurance contributions because you are contracted out of the State Second Pension (S2P).

Your employer contributes an amount equivalent to 14% of your pensionable pay.