Starting out
You do not pay tax on your contributions so you may be able to afford more than you think
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% |
|
6+% | 6% | 12+% |
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.
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.
Because of tax and National Insurance savings, it costs less than you might think to pay more towards your future.
Change your contributionsAs 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.
National Insurance taken from full salary
Smart Pay is an HMRC-approved salary sacrifice arrangement. This is how it works:
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 www.moneyadviceservice.org.uk.