Kindly review the following examples of pension calculations regarding 'no tax relief' and 'relief at source' as processed by the system:
No Tax Relief
Employee Net Pay Salary: £1000
Deducting lower band limit (£6240 per year, £520 monthly): £1000 - £520 = £480
Employee contribution: 480 * 5% = £24
Employer contribution: 480 * 3% = £14.4
Deducting lower band limit (£6240 per year, £520 monthly): £1000 - £520 = £480
Employee contribution: 480 * 5% = £24
Employer contribution: 480 * 3% = £14.4
Relief at Source
Employee Net Pay Salary: £1000
Deducting lower band limit (£6240 per year, £520 monthly): £1000 - £520 = £480
Tax Relief at Source: £480 * 20% = £96
Employee Contribution: £384 * 5% = £19.2
Employer Contribution: £384 * 3% = £11.5
Deducting lower band limit (£6240 per year, £520 monthly): £1000 - £520 = £480
Tax Relief at Source: £480 * 20% = £96
Employee Contribution: £384 * 5% = £19.2
Employer Contribution: £384 * 3% = £11.5
Please review the calculations and inform us if you require any additional assistance.