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The definition of qualifying earnings in the Pensions Act 2008 is the band of earnings between £5,035 and £33,540 per annum. This comprises all earnings that are paid to the employee, including basic salary, overtime, commission, bonus etc. So, for someone earning £40,000 per annum, the minimum contribution would be as follows:
(£33,540 - £5,035) * 8% = £2,280.40 p.a.
This would result in a monthly contribution of £190.03 for anyone paying minimum contributions.
For someone earning £25,000 per annum, the minimum contribution would be as follows:
(£25,000 - £5,035) * 8% = £1,597.20 p.a.
This would result in a monthly contribution of £131.10 for anyone paying minimum contributions.
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