Contributions
You and usually your employer pay contributions into the Cheviot pension each month. How much you both pay will depend on the individual arrangements with your employer but will probably be at least the minimum contributions required by the Government for auto-enrolment.
The contributions required from you and your employer for auto-enrolment can be calculated in different ways. The minimum total contribution is 8% on your total earnings between £6,240 and £50,270. Many employers pay contributions calculated on your basic salary. Ask your employer about your pension contributions or check your latest benefit statement on our secure online system to see how much you are paying.
The Government helps with your pension contributions by giving you tax relief on your contributions through the payroll system. This means that some of the money from your pay that would have gone to the Government as tax goes towards your pension instead and makes saving for retirement more affordable.
If you don’t pay tax, you will not get tax relief on your pension contributions under the Cheviot pension arrangement and this means it might not be the best pension for you.
There are limits on the contributions you can pay; these are explained in the tax factsheet.