Deduction on payslip

[antcpfc]

Had a deduction of around £20 on this weeks payment.
It was for this reason- PSE Adj NEST AE EE
Any ideas what it is?
Thanks.

[Jefferson Starfish]

Nest pension.

[antcpfc]

Thanks for the reply . I haven’t enrolled in it and have taken my pension in the other schemes as well. Is it auto enrolment?

[Jefferson Starfish]

I'd guess that's what the AE stands for?

[Peabrain22]

Deduction???? Has anyone on the 20 hour monthly paid got 4 weeks pay instead of 5 weeks? Now the cut off was December 16th until the 19th January..now my calculations are saying that this is 5 full weeks of a payment gap..in a normal month yes you have 4 weeks a month..but because December was early by a week it left an extra week for January but true to form we didn't get it nor did I get the bank holidays either

[Londonsburning]

Worst pension going now I'm astounded at how bad it is compared to 15 years ago

[ArthurPewty]

Opt out letter came the other day (most people's will be 'in the post' )
If you opt out you'll get it all back in a few weeks - hopefully!
You only have about 10 days to opt out though so if you're address is in a typical DO..........

[fadetogrey63]

Only £20, I've not longed been enrolled on the Nest scheme and last two play slips they have deducted £92 from my monthly wage, no idea if this is normal but seems a bit high.. I would of opted out if I knew it was that much a month

[Newandscared]

Only £20, I've not longed been enrolled on the Nest scheme and last two play slips they have deducted £92 from my monthly wage, no idea if this is normal but seems a bit high.. I would of opted out if I knew it was that much a month

It's roughly 5% of your pensionable pay. So it depends on what RM HR use as pensionable pay.Pensionable pay can be all your pay or all your pay above the minimum threshold. I think RM uses all your pay as my 1st NEST pension installment is roughly what I worked out as contribution for a weeks pay (I joined towards the end of October and you are auto enrolled after 3 months, so the one week for end of January is all I have as my first contribution.)

[RobertT]

Opt out letter came the other day (most people's will be 'in the post' )
If you opt out you'll get it all back in a few weeks - hopefully!
You only have about 10 days to opt out though so if you're address is in a typical DO..........

Only £20, I've not longed been enrolled on the Nest scheme and last two play slips they have deducted £92 from my monthly wage, no idea if this is normal but seems a bit high.. I would of opted out if I knew it was that much a month

It's worth pointing out that your pension contributions benefit from both tax relief and salary sacrifice(PSE), which means each £1 gross you pay(the amount on your payslip), is only actually costing you 72p, with the government paying the balance.
You might not realise it, but for each £1 gross your income tax(20p) and NIC's(8p) are being reduced accordingly!

RM employees contribute 5% gross of pensionable pay into Nest, and the company pays 4%.

Therefore a £20 weekly gross contribution from you, means there's a total of £36 going into your pension, but it's only costing you £14.40.
Which is a 150% uplift on your money just for being a member.

Pensions are part of your overall pay and benefits package from RM, opting out is akin to taking a pay cut and is unlikely to be the best financial decision you ever make.

*Nest Pensionable Pay is basic pay for full timers and basic pay plus overtime (up to full time hours) for part timers.

[borders]

According to a chap i have just spoke to from Nest , you can take it all out as a Lump Sum over £3000 or installments if less than £3000 . His accent was hard to make out mind ! so i hope that is correct . Like Robert just mentioned above , 4% contribution from RM is helpful .....

[RobertT]

According to a chap i have just spoke to from Nest , you can take it all out as a Lump Sum over £3000 or installments if less than £3000 . His accent was hard to make out mind ! so i hope that is correct . Like Robert just mentioned above , 4% contribution from RM is helpful .....

More info on the choices you have with your Nest pension is here: https://www.nestpensions.org.uk/schemew ... tions.html

[borders]

thanks Robert .

[antcpfc]

Opt out letter came the other day (most people's will be 'in the post' )
If you opt out you'll get it all back in a few weeks - hopefully!
You only have about 10 days to opt out though so if you're address is in a typical DO..........

Got the letter today