ITV Pensions Backdating Estimator

Think about how much you'll backdate. You can choose any multiple of contribution rate and months.

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£{{current_salary | number:0}}
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  • {{rate.label}}

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  • {{month.label}}

See how you benefit

Backdated contributions

You could kick start your savings by: £{{benefit.total_contribution | number:0}}

Your backdated contribution would be: £{{benefit.your_contribution | number:0}}

You can pay this in 1, 2 or 3 equal monthly instalments.

ITV's backdated contribution would be: £{{benefit.itv_contribution | number:0}}

Total contribution ITV's contribution Your contribution
£{{benefit.total_contribution | number:0}} £{{benefit.itv_contribution | number:0}} £{{benefit.your_contribution | number:0}}
ITV's contribution Your contribution

ITV Auto-enrolment Pension Plan (AE Plan)

If you’ve contributed to the AE Plan the maximum you could build up would be: £{{benefit.build_up_towards | number:0}}

We’ll confirm the actual amount with you at a later date.

You can use this amount towards your backdated contribution.

To benefit from ITV’s backdated contribution, your backdated contribution must be greater than your AE Plan contributions.

Move either/or slider(s) in steps 2 and 3 to increase your contribution rate and/or the number of months you’d like to backdate, to make your backdated contribution greater than your AE Plan contributions.

You can use the £{{benefit.build_up_towards | number:0}} towards your backdated contribution but you’d need to find an extra: £{{benefit.find_extra | number:0}}

Payments

You can pay the £{{benefit.find_extra | number:0}} in 1, 2 or 3 equal monthly instalments. Move the slider below to show the amount you’d see on your payslip and the actual cost to you after tax relief (amounts have been rounded to the nearest £1).

  • {{month.label}}

Actual cost after tax relief

Amount you'll see on your payslip

£{{benefit.net_amount | number:0}} £{{benefit.payslip_amount | number:0}}

Your backdating estimate

Here are your results.

Based on the options you've chosen, you could backdate £{{benefit.your_contribution | number:0}}.

This assumes you backdate {{number_months}} months worth of contributions at {{contribution_rate*100}}% of the basic salary you've entered.

Based on the options you've chosen, ITV would backdate £{{benefit.itv_contribution | number:0}}.

This includes any contributions that ITV has paid to The People’s Pension and/or NOW: Pensions (in the ITV Auto-enrolment Pension Plan), so the amount ITV would pay would be adjusted to take these contributions into account.

The exact amount of your and ITV’s backdated contribution will depend on your basic salary and the options you choose at the time the backdated contribution is calculated.

Using your contributions to The People’s Pension and/or NOW: Pensions

If you’ve contributed to The People’s Pension and/or NOW: Pensions (in the ITV Auto-enrolment Pension Plan), the maximum contributions you could have made would be about £{{benefit.build_up_towards | number:0}}.

This assumes you contributed 1% of your qualifying earnings (your earnings between £6,032 and £46,350 for the 2018/19 tax year) for 9 months. It doesn't allow for investment returns (positive or negative) or annual management charges. The ITV Pensions Department will confirm the actual amount when they write to you about the backdating option shortly after you join the ITV DC Plan.

If you decide to transfer the savings you’ve built up in NOW: Pensions (in the ITV Auto-enrolment Pension Plan), the extra amount you’d need to pay for your backdated contribution would be £{{benefit.find_extra | number:0}}.

Please note: you cannot transfer the savings you’ve built up in The People’s Pension to the ITV DC Plan but they can be offset against the cost of the backdate.

If you spread the cost of this payment over {{number_extra_months}} months, the reduction in your pay, after you benefit from tax savings, would be £{{benefit.net_amount | number:0}} a month. But the actual amount you'll see on your payslip will be £{{benefit.payslip_amount | number:0}} a month.

Please note: the monthly amounts have been rounded to the nearest pound, so if you’re spreading the cost of your payment over 2 or 3 months, there may be a slight discrepancy when you add up the figures.

The Backdating Estimator allows you to work out the monthly cost of the extra payment you’d need to fund your backdated contribution if you spread it over 1, 2 or 3 months in equal instalments. It shows the real (net) cost to you after tax relief and assumes that the instalments are deducted from your pay. The net cost is based on tax rates for 2018/19. It assumes you were born after 5 April 1948 and that your basic salary (which you’ve entered) is the same as your taxable earnings for the year. In reality, the tax relief on your contributions will depend on your individual circumstances, your tax code, current tax rates, and the Annual Allowance for pension contributions, all of which may change in the future.

Terms of use

Terms & conditions

About the Backdating Estimator

The Backdating Estimator is for general guidance only. Please make sure you understand how it works and its limitations before you use it. By using the Backdating Estimator, you are agreeing to the points and Terms & conditions set out below.

Using the Backdating Estimator

See how you benefit

Your backdated contribution: An estimate of the backdated contribution you might be able to make. It's calculated using the basic salary you enter, the core contribution rate you choose (3%, 4%, 5% or 6% of your basic salary), and the number of months you choose to backdate (up to 9 months).

ITV's backdated contribution: An estimate of the backdated contribution that ITV might make. It's calculated using the basic salary you enter, the core contribution rate you choose, and the number of months you choose to backdate (up to 9 months). It includes any contributions ITV has made to The People's Pension and NOW: Pensions (in the ITV Auto-enrolment Pension Plan). The maximum that ITV will pay as a backdated contribution will be 9 months' worth of contributions at 9% of your basic salary at the date you join the ITV Defined Contribution Plan (the ITV DC Plan), less the contributions it has made for you to The People's Pension and NOW: Pensions (in the ITV Auto-enrolment Pension Plan).

Total backdated contribution: An estimate of your and ITV's backdated contribution based on the basic salary you enter, the contribution rate you choose, and the number of months you choose to backdate (up to 9 months).

In reality, your total backdated contribution will depend on your basic salary at the date you join the ITV DC Plan, the contribution rate you choose and how many months' worth of contributions you decide to backdate.

If you’ve contributed to The People's Pension and/or NOW: Pensions (in the ITV Auto-enrolment Pension Plan)

The maximum you could build up in The People's Pension and/or NOW: Pensions contributions assumes that you’ve contributed to The People's Pension and/or NOW: Pensions (in the ITV Auto-enrolment Pension Plan) for 9 months at a rate of 1% of your qualifying earnings (your earnings between £6,032 and £46,350 for the 2018/19 tax year). The amount shown does not take account of investment returns (positive or negative) or annual management charges.

The extra amount you’d need to pay for your backdated contribution: This shows how much extra you'd need to pay on top of the maximum you could build up in The People's Pension and/or NOW: Pensions in order to pay for your selected backdated contribution.

The Backdating Estimator allows you to work out the monthly cost of this extra amount if you pay it over 1, 2 or 3 months in equal instalments. It shows the real (net) cost to you after tax relief and assumes that the instalments are deducted from your pay. The net cost is based on tax rates for 2018/19. It assumes you were born after 5 April 1948 and that your basic salary (which you’ve entered) is the same as your taxable earnings for the year. In reality, the tax relief on your contributions will depend on your individual circumstances, your tax code, current tax rates, and the Annual Allowance for pension contributions, all of which may change in the future.

Getting advice

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The Trustee of the ITV DC Plan (the "Trustee"), ITV plc, including all Participating Employers of the ITV DC Plan (together "ITV"), and Willis Towers Watson Ltd ("Willis Towers Watson"), the firm of actuaries and consultants authorised and regulated by the Financial Conduct Authority who have designed the Backdating Estimator, cannot be responsible for any decisions you make based on the Backdating Estimator.

You're responsible for carrying out your own investigations before deciding whether to backdate your contributions and, if so, how much to backdate. You should speak to an impartial financial adviser 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 Backdating Estimator should only be one aspect of that consideration.

The 'small print'

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The Backdating Estimator has been developed for ITV by Willis Towers Watson. Access to the Backdating Estimator is provided to you by ITV and is subject to the terms of use displayed under the Terms of use. By providing your basic salary, you consent to Willis Towers Watson using this data to estimate the figures in the Backdating Estimator.

The Backdating Estimator is made available to you without any acceptance of responsibility by Willis Towers Watson and all warranties are excluded to the extent permitted by law. In particular, no representation, warranty or undertaking, express or implied, is or will be made or given by Willis Towers Watson 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 Backdating Estimator, or that they can be used as the basis for the making of investment or pension planning decisions.

Any queries or complaints arising in relation to your use of the Backdating Estimator must be notified to the Trustee and ITV initially and you agree that any claims or disputes in connection with such use may only be pursued by the Trustee and ITV (and not by you directly) subject to the terms of the agreement it has in place with Willis Towers Watson. Any claims or disputes will be subject to English law and the exclusive jurisdiction of the courts in England.