What an Insurance Broker payslip looks like
A typical UK insurance broker payslip is paid monthly and shows a basic pay line at the top. Insurance brokers earn basic plus renewal-book overrides; Lloyd's brokers see lower basic and higher commission. The line items below depend on grade, shift pattern and contractual additions, but the structure usually mirrors HMRC's recommended payslip layout: a payments block, a deductions block, a year-to-date column, and a net pay summary.
Common employers in this occupation include Marsh, Aon UK, Howden Group. Each employer runs payroll slightly differently, but the underlying PAYE computation against tax code 1257L and Class 1 National Insurance is identical across the UK (excluding Scotland for income tax). The biggest variability between two insurance broker payslips at the same gross will be in the additions block: Brokers earn basic plus override commission on book renewals. Lloyd's brokers see modest basic relative to commercial brokers but enjoy market-day allowances.
Year-to-date columns are critical to verify on this role because the additions and salary sacrifice items change month to month. If your YTD gross divided by months elapsed in the tax year does not match your expected annual run-rate, that is the single best signal that something is mis-coded.
Insurance Broker salary bands (UK 2024)
ONS ASHE 2024 full-time gross pay. Net figures use 2026/27 PAYE bands and assume 5% of qualifying earnings (£6,240–£50,270) under a net-pay arrangement — before income tax, but not before National Insurance.
| Band | Gross / year | Net / year | Net / month |
|---|---|---|---|
| 25th percentile | £28,500 | £23,149 | £1,929 |
| Median | £38,500 | £29,949 | £2,496 |
| 75th percentile | £55,000 | £41,137 | £3,428 |
Common deductions for an Insurance Broker
- PAYE income tax.Calculated against tax code 1257L. Cumulative coding means refunds can appear if you start mid-year.
- National Insurance (Class 1).8% between £12,570 and £50,270 of annual earnings, then 2% above. Period-by-period method is standard.
- Pension.Auto-enrolment minimum 5% employee on qualifying earnings (£6,240 - £50,270), unless your employer runs a more generous scheme such as the NHS, Teachers Pension or Civil Service alpha.
- Salary sacrifice patterns.Common in this occupation: cycle-to-work, electric-car salary sacrifice, additional pension contributions, and where applicable workplace nursery vouchers (still tax-efficient via pre-existing schemes).
- Union or professional body.Tax-deductible for HMRC-listed bodies. Insurance Brokers commonly hold subscriptions covered by section 344 ITEPA 2003 (List 3).
Insurance Broker payslip FAQ
What is the average Insurance Broker salary in the UK in 2024?
According to ONS Annual Survey of Hours and Earnings (ASHE) 2024 for SOC code 3552, the median full-time gross annual salary for an Insurance Broker in the UK is approximately £38,500. The 25th percentile sits at £28,500 and the 75th at £55,000.
What is take-home pay on a median Insurance Broker salary?
On £38,500 gross with the standard 1257L tax code and 5% of qualifying earnings into a net-pay pension, monthly take-home is approximately £2,496 after PAYE income tax, Class 1 employee National Insurance and auto-enrolment pension. Actual figures vary if you have student loan, salary sacrifice or a non-cumulative tax code.
What is unusual about an Insurance Broker payslip?
Brokers earn basic plus override commission on book renewals. Lloyd's brokers see modest basic relative to commercial brokers but enjoy market-day allowances.
Which tax code should an Insurance Broker typically be on?
Most people in this role on standard PAYE will see 1257L. Check the prefix and suffix carefully: a K-prefix means deductions exceed your allowance (often after a bonus or P11D benefit), 0T means you have no allowance left at this employer, and BR means basic rate on the whole job (common in second jobs).
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Salary estimates: ONS Annual Survey of Hours and Earnings (ASHE) 2024, full-time gross annual pay by SOC 2020 occupation. Figures rounded to nearest £100.