Cost calculator
Use this tool to see how much you could save into your pension fund at different contribution rates, and how much it could cost you.
The figures produced by the cost calculator are provided solely for the purpose of enabling you to explore and compare illustrative scenarios for planning and educational purposes. Please see below for the full disclimer and list of assumptions.
Current salary
Annual salary between 0 and 260,000
Contributions
You are automatically enrolled at 7% of your pensionable pay, which means Cummins will pay the maximum employer contribution of 9% of your pensionable pay. However, you can choose how much you save from a minimum of 3% – this is how it works.
Anything you pay above 7% is an additional voluntary contribution. If you’d like to make contributions of more than 30%, please contact Isio.
Disclaimer and assumptions
The figures produced by the cost calculator are provided solely for the purpose of enabling you to explore and compare illustrative scenarios for planning and educational purposes. It is a self-service tool intended to be used directly by you without the real-time involvement of Isio or the Trustee.
The figures produced by the cost calculator are not guaranteed and should not be taken as advice, a personal recommendation, or an assurance as to the suitability, accuracy, or completeness of any particular course of action. You should not make, or refrain from making, any decisions based upon the output – we recommend you take financial advice from a suitably qualified advisor before doing so.
Results are based on the inputs you provide with the figures returned by the calculator being estimates, rounded to the nearest pound, and may not reflect actual amounts as they are based on assumptions which may not reflect your personal information or your personal tax status.
No data is stored within the calculator and any information which you enter will be erased when you close or leave the calculator page.
The calculator assumes that:
- You enter accurate and appropriate information into the cost calculator
- You have no further taxable income above your pensionable pay.
- Your tax code entitles you to the standard Personal Allowance and your Personal Allowance reduces above a pensionable pay of £100,000 in-line with the HMRC rules.
- Your contributions are made through Salary Sacrifice.
- Tax and National Insurance rates and thresholds are based on the current tax year.
- Based on your selection, the calculator tax rates and thresholds are based on either England, Northern Ireland, Wales or Scotland rates which may be subject to change.
- You are not affected by the Annual Allowance which, if you exceed it, can result in additional tax charges. If you are unsure whether you are impacted by the Annual Allowance, please contact Isio.
- You are not on any long-term absence such as sick or maternity leave.
Please note that neither Isio nor the Trustee is responsible for:
- monitoring or supervising your use of the cost calculator;
- verifying the accuracy or appropriateness of any data you put into it; and
- the accuracy of the figures produced by the cost calculator.
You may only use the cost calculator for your personal use in connection with your own pension and savings planning. You may share this information with your professional advisor. Your advisor should not rely on this output for the delivery of their advice and should carry out their own independent calculations before delivering their advice to you.