If you took out your loan before 1 September 2012, you will pay 9% of anything you earn over £17,775 before tax per year.
If you took out your loan after this date, you will pay 9% of anything you earn over £21,000 before tax per year.
For more information, visit studentloanrepayment.co.uk
The pension contribution is the percentage of your annual gross salary which you contribute to your pension. This is an estimate, each employer calculates 'pensionable pay' differently and how the pension contribution affects your take-home pay depends on the type of pension you are paying into.
You don't pay tax on these pension contributions, so your taxable income is reduced by the amount you pay to your pension.
If you pay into a personal pension scheme, you will pay income tax and national insurance at the normal rate.
This type of scheme reduces your gross salary, and the difference is paid into your pension pot. Income tax and National Insurance are based on your salary after your pension contribution has been deducted.
You will pay National Insurance if you are:
You need a National Insurance number before you can start paying National Insurance contributions.
If you’re employed, you stop paying National Insurance when you reach the State Pension age.
If you earn between £113 and £157 a week, your contributions are treated as having been paid to protect your National Insurance record.
|Gross salary||Tax||NI||Student loan||Pension||Net pay|