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Hello,

An employee has an annual salary of £x and they pay 5% of their annual salary into their pension and the employer pays 3% a total 8% per annum. Each month 1/12th of annual 5% contribution and employer 3% contribution is paid into the employee pension fund.

The employee wants to increase the amount they pay each month as a fixed amount and not as a % of their annual salary.

What would be the formula to check that their employee monthly contribution is at least 5% to ensure that the total % being paid into their pension is 8% or more?

Also, the formula would need to factor in should the salary increase or decrease.

Thank you so much for your support.
Kerry