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Salary Exchange Calculator
Notes :
The figures are based on tax and National Insurance rates effective from 6th April 2013.
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.
Scottish Life accepts no responsibility for any loss as a result of relying on the figures in the calculations shown.
For professional advisers only
