KNOWLEDGE CENTRE

How much will it cost?

Once you have been automatically enrolled you will make a minimum 1% member contribution and your employer will make a 2% company contribution into your Retirement Account with the KPS-MP.

Your contributions will be calculated using your Basic Pay, and this includes some of the allowances your are paid. For further information regarding these allowances, please contact your payroll department.

The table below gives an indication of how much 1% of Basic Pay is in pounds and pence, and how this will be matched by the employer.

Monthly
Basic Pay (£)
1% Member
Contribution (£)
2% Company
Contribution (£)
Total Monthly
Contribution (£)
676 6.76 13.52 20.28
750 7.50 15.00 22.50
833 8.30 16.67 25.00
917 9.17 18.33 27.50
1000 10.00 20.00 30.00
1083 10.83 21.67 32.50
1167 11.67 23.33 35.00
1333 13.33 26.67 40.00
1500 15.00 30.00 45.00
1667 16.67 33.33 50.00
1833 18.33 36.67 55.00
2000 20.00 40.00 60.00

You may however wish to pay a higher member contribution and take advantage of higher Company Contributions. See Contributions for details.

Making Contributions

For the first three months your contributions will simply be deducted from your Salary. However after three months, you contributions may be deducted via SMART Pensions which is often a more cost effective way of paying contributions to the KPS-MP.

See SMART Pensions for details and why not try our SMART Pensions calculator to see the possible savings you could make?

You may however opt out of SMART Pensions at any time by completing and returning a SMART Pensions Opt Out form. And should you change your mind you can opt in again to SMART Pensions by completing and returning a SMART Pensions Opt In form.