Does BALPA really cost 1%???
Everyone quotes the cost of BALPA membership as being 1% but in reality it is an astonishing 1.66%.
The reason, I believe, - they charge a 1% monthly fee of a GROSS annual salary but an individual pays this from their NET monthly salary!
For example: on a basic salary of 60K I was quoted a premium of £60 per month, which sure enough, represents 1%. But this £60 comes out of my take-home pay and, as the contributions do not attract any tax-relief, to achieve this £60 I have to pay £40 tax.
So in reality, my annual membership would of cost me 12 lots of £60 + £40 i.e. £1200 or in percentage terms 1.66% of my £60K salary!!
Or have I got this wrong?