NEW:

Contribution calculator

It’s simple. The more you pay in, the more you’ll get out. And with tax and national insurance savings, you might be able to afford to pay in a bit more than you think. To help you decide, enter your annual basic salary and use the up and down arrows to find an amount that’s right for you.

Remember, the ‘cost to you’ figure is an estimate only and may vary depending on your total taxable income. You’re not locked in to your decision – you can change your core contributions twice a year and your extra contributions from month to month as your circumstances change.

Press ‘i’ to find out more about the estimate.

£
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Your contribution %

to see the net monthly cost – this is the reduction you’d see in your take-home pay after tax and NI savings

%

Cost
to you

£

ITV contribution %

ITV’s matching contribution and how much ITV will contribute to your DC Plan savings

%

ITV
pays in

£

TOTAL invested each month

£

How your numbers add up

  • Your annual basic salary
    £{{results.current_salary || '0' | number: 0}}
  • Your core contribution rate
    {{results.contribution_core_rate || '0' | number: 0}}%
  • ITV's contribution rate
    {{results.contribution_itv_rate || '0' | number: 0}}%
  • Your extra contributions
    {{results.contribution_extra_rate || '0' | number: 0}}%
  • ITV's monthly contribution
    £{{results.monthly_employer_contribution || '0' | number: 0}}
  • Your gross monthly contribution
    This is the deduction you’d see on your payslip (shown as ‘Relish DC Plan’)
    £{{results.monthly_gross_cost || '0' | number: 0}}
  • Total invested for you each month
    £{{results.monthly_amount_invested || '0' | number: 0}}
  • Actual cost to you – this is an estimate of the net cost to you and the reduction you’d see in your take-home pay. The net cost is less than your gross contribution because you’d make tax savings of £{{results.monthly_tax_relief || '0' | number: 0}} and salary sacrifice savings of £{{results.monthly_ni_saving || '0' | number:0}} on the gross amount of your contribution.
    £{{results.monthly_net_cost || '0' | number:0}}

Terms of use

This is an illustrative tool to help members decide how much to contribute. By using it, you are agreeing to the points and terms of use set out below.

  • Your pensionable earnings: Your basic salary at the date you join the DC Plan and on 1st April each year after that.
  • Your contribution rate: You can contribute from 3% to 100% of your pensionable earnings in 1% increments. Contributions up to 6% are called core contributions; contributions above 6% are called extra contributions. You get full tax relief on all your contributions up to certain limits.
  • Calculations and salary sacrifice: The Contribution Calculator assumes you participate in the DC Plan through salary sacrifice.
  • Cost and contributions: The net cost to you, your employer’s contributions and the amount invested towards your ITV DC savings (including tax relief) each month are all estimates. These estimates are based on the pensionable earnings you enter, average tax rates for 2023/24, your tax relief, the contribution rate you’ve chosen, and any savings you may make by participating in the DC Plan through salary sacrifice. If you participate in the DC Plan through salary sacrifice, your salary will be reduced by the amount of your contributions and these contributions will be paid by your employer to the DC Plan. The estimates are rounded up to the nearest £1.
  • Minimum Wage: You can’t choose a contribution rate that would reduce your salary to below the National Minimum Wage (if you’re below age 23 or an apprentice) or the National Living Wage (if you’re age 23 or over). This is because it’s illegal to pay you less than the minimum wage. If your contribution choice reduces your salary to below this level, we’ll contact you.
  • Your contribution choice and State benefits: Bear in mind that if your contributions to the DC Plan reduce your salary to below a limit called the Lower Earnings Limit (which is £6,396 for the 2023/24 tax year), your State benefits (such as the State pension, Statutory Sick Pay, Maternity Allowance, Incapacity Benefit, and Job Seekers Allowance) may be affected.
  • Plan and HMRC allowances: The Contribution Calculator doesn’t allow for DC Plan and HMRC allowances which may apply depending on your circumstances and the benefits you build up. Remember that tax relief on your contributions depends on your individual circumstances, current tax rates, and the annual allowance for contributions (the standard annual allowance for the 2023/24 tax year is £60,000), all of which may change in the future.
  • Getting advice: You’re responsible for carrying out your own investigations before deciding how much to contribute; you should take impartial financial advice if you’re not sure what to do or want specific advice about your personal circumstances. You should also bear in mind that there are many issues to consider when deciding how to save for retirement, and the figures provided by the Contribution Calculator should only be one aspect of that consideration.
  • Your data: You should make sure that your pensionable earnings are accurate; by providing this information, you consent to Towers Watson Limited using this data to estimate the figures in the Contribution Calculator.

The ‘small print’

The Contribution Calculator has been developed for ITV DC Trustee Limited (‘the Trustees’) and ITV plc including all Participating Employers of the ITV Defined Contribution Plan (the DC Plan) (together ‘ITV’) by Towers Watson Limited (‘WTW’), an independent firm of actuaries and consultants authorised and regulated by the Financial Conduct Authority. Access to the Contribution Calculator is provided to you by the Trustees and ITV and is subject to the terms of use displayed under 'Terms & conditions’ above. The Trustees, ITV and WTW cannot be responsible for any decisions you make based on the Contribution Calculator.

The Contribution Calculator is made available to you without any acceptance of responsibility by WTW and all warranties are excluded to the extent permitted by law. No representation, warranty or undertaking, express or implied is or will be made or given by WTW in relation to the accuracy or completeness of the estimated cost, contributions or amount invested in your account or any other information provided using the Contribution Calculator or that they can be used as the basis for the making of investment or retirement planning decisions.

Any queries or complaints arising in relation to your use of the Contribution Calculator must be notified to the Trustees and ITV initially and you agree that any claims or disputes in connection with such use may only be pursued by the Trustees and ITV (and not by you directly) subject to the terms of the agreement they have in place with WTW. Any claims or disputes will be subject to English law and the exclusive jurisdiction of the courts in England.