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How does pension appear on payslip?

  • 30-04-2013 11:17am
    #1
    Tar.Aldarion
    Moderators, Science, Health & Environment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 60,110 Mod ✭✭✭✭


    I am wondering does the amount you pay gross or net appear? If I am paying x gross and y is net, which does it show? I got my first payslip with pension paid. I thought x would be shown and would be a deduction from gross like with the bike to work scheme, but y is shown I assume. The number shown is less than what I thought I would be paying. So is this the figure I paid but a higher figure goes into your fund?


Comments

  • #2
    mathepac
    Banned (with Prison Access) Posts: 4,991 ✭✭✭mathepac


    Difficult post to decipher, but I think the answer you want is that the deduction shown on your payslip is your gross contribution to your pension. To prove / dis-prove this do the simple gross to net calculation Gross Pay - Deductions = Net Pay (Take home pay). There's a bit in the middle where taxes and other deductions get calculated but ignore that for now.

    However that can be a trifle misleading as the gross employee pension contribution you see is net of the current value of the State-funded pension you will be paid on retirement.

    Your employer's contribution may also be shown.


  • #3
    homer911
    Registered Users, Registered Users 2 Posts: 5,150 ✭✭✭homer911


    mathepac wrote: »
    However that can be a trifle misleading as the gross employee pension contribution you see is net of the current value of the State-funded pension you will be paid on retirement.
    `

    Eh? Your contribution is your contribution. It is shown gross.


  • #4
    Tar.Aldarion
    Moderators, Science, Health & Environment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 60,110 Mod ✭✭✭✭Tar.Aldarion


    Ah I see, I am paying 10% of my wage to pension. I thought this 10% would be of my gross, but it appears to be 10% of my net that is paid. That was not how the pension guy explained it. :confused: The amount is written twice under miscellaneous, I assume the second amount it the companies contribution? It says "ER <amount>" twice.

    An odd thing is if I add my tax+prsi+usc it equals my total deducted. Pension doesn't seem to be deducted anywhere.
    So say my gross is 100, my prsi+usc+tax = 40 and my pension contribution is 10. I would have thought i'd get 100 - 40 - (10-tax). But what I got was 100-40. And that my contribution was taken after I paid tax whereas i thought they were take before. :confused:


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