The real cost of paying into your pension
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Paying into a pension is one of the most tax-efficient things you can do, but it's hard to see what a contribution actually costs you. Depending on your income and how you pay, £1 in your pension can cost anywhere from about 40p to 80p – and in the '60% band' between £100,000 and £125,140, or when it cuts a Child Benefit charge, it can be even cheaper. This calculator compares your position with and without an extra contribution, shows the real net cost and the cost per £1 that goes in, and checks the total against your annual allowance including carry forward from the last three years.
See how it works
The sheets you will use most, in the order you will use them – shown with the sample data every workbook comes with.
Step 1
How much can go into your pensions this year without a tax charge, and your headroom. What you do: nothing to enter – it uses the Calculator inputs.
Step 2
The full calculation: one row without the contribution, one row with it, and a row for every £2,000 step used by the chart. What you do: nothing to enter – useful if you want to follow the workings.
Step 3
Step 4
Who it is for
Quick start
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Part of AML Finance Group
Our sister firm, AML Accountancy Solutions, is an award-winning accountancy practice helping businesses and individuals across the UK with their accounts, tax, bookkeeping and payroll.
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