How much does it cost?
The contribution table from April 2017/18 is shown below:
Actual pensionable pay for an employment
|Contribution rate for that employment|
|1||Up to £13,700||5.5%||2.75%|
|2||£13,701 to £21,400||5.8%||2.9%|
|3||£21,401 to £34,700||6.5%||3.25%|
|4||£34,701 to £43,900||6.8%||3.4%|
|5||£43,901 to £61,300||8.5%||4.25%|
|6||£61,301 to £86,800||9.9%||4.95%|
|7||£86,801 to £102,200||10.5%||5.25%|
|8||£102,201 to £153,300||11.4%||
|9||£153,301 or more||12.5%||6.25%|
To find out how much you will pay in contributions, there is a Contributions Calculator available
How much does my employer pay?
All employers who are paying into the LGPS have a different contribution rate. Every three years an independent actuary calculates how much your employer should contribute to the Scheme to pay the balance of the cost of providing your benefits in the LGPS. The amount will vary, but generally you contribute approximately one third of the Scheme's costs and your employer contributes the remainder.
For more information see the 'LGPS 2014 Leaflets and Guide' tab on the left hand side