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New joinersSaving for retirementHow the MMT worksCostTransferring in

Starting out

You do not pay tax on your contributions so you may be able to afford more than you think

Contribution options

You can choose how much you want to pay from 5% of your pensionable salary and IMI will match your contributions up to 6%.

I want to pay I pay IMI will add IMI pays Total in my account Total
5% 5% 10%
6+% 6% 12+%

Maximum match

By paying 6% into your MMT account, you get the most out of IMI's contributions, as the matching contributions that IMI puts in for you match your payments.

Use the Cost calculator

To see a breakdown of how much it might cost you to save towards retirement, and what you save on tax and National Insurance (NI) payments, use the calculator below.

It all adds up

Because of tax and National Insurance savings, it costs less than you might think to pay more towards your future.

Change your contributions

Making contributions

As you receive tax relief on your contributions, they cost you less than the amount going into your account. If you are a basic rate taxpayer, every £1 you contribute only costs you 80p; if you are a higher rate taxpayer, every £1 you contribute only costs you 60p.

If you earn £24,000 a year, a 1% increase in your contributions would cost you roughly the same as buying a takeaway coffee every week.

You will also save money by making contributions through Smart Pay.

Without Smart Pay

National Insurance taken from full salary

With Smart Pay

Contributions taken before National Insurance National Insurance taken from remaining salary

What is Smart Pay?

Smart Pay is an HMRC-approved salary sacrifice arrangement. This is how it works:

  • Your salary is reduced by the amount that you would like to contribute.
  • IMI pays the money you have given up from your salary into your pension.
  • As your salary is lower, you pay less National Insurance every month.
  • As you pay less National Insurance, your take-home pay goes up.

How much could you save?

Depending on your circumstances, Smart Pay might not suit you. For example, IMI will not reduce your salary to below the National Minimum Wage. If you receive tax credits or other State benefits, Smart Pay might also affect these benefits. If you are not sure whether Smart Pay is right for you, you should speak to IMI or an Independent Financial Adviser (IFA), and let IMI know if you do not wish to take part. Find a financial adviser in your area by visiting

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