Salary exchange calculator

Salary Exchange Calculator

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Notes :

The figures are based on tax and National Insurance rates effective from 6th April 2014.

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. Higher rate tax and additional rate tax are taken into account in the calculations however the amount of higher rate and additional rate tax relief actually available will depend on individual circumstances.

The statement assumes the employee is under State pension age and contracted-in to the State Second Pension (S2P).

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.

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.

Notes :

The figures are based on tax and National Insurance rates effective from 6th April 2014.

The figures shown are for illustration purposes only and do not constitute any form of advice. You should speak to your own financial adviser in this respect. You may be charged for any advice given by your 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. Higher rate tax and additional rate tax are taken into account in the calculations however the amount of higher rate and additional rate tax relief actually available will depend on individual circumstances.

The statement assumes you are under State pension age and contracted-in to the State Second Pension (S2P).

Salary exchange could reduce your 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.

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 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 number 4414137. Registered office: 55 Gracechurch Street, London, EC3V 0RL. Royal London Corporate Pension Services Limited is authorised and regulated by the Financial Conduct Authority and provides pension services. The firm is on the Financial Services Register, registration number 460304. Registered in England and Wales number 5817049. Registered office: 55 Gracechurch Street, London, EC3V 0RL.

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Last updated: 06 Nov 2014

This website is intended for professional financial advisers only. If you are not an adviser please visit royallondon.com.

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. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London EC3V 0RL.