If you join the LGPS you will pay an amount each month into the Scheme. How much you pay depends on how much you are paid – it currently is between 5.5% to 12.5% of your actual pay. The rate you pay depends on which pay band you fall into. Each post is assessed separately. The table below shows the current bandings and the percentage paid.
Pay bands and the corresponding contribution rates for period 2 from 1 April 2017 to 31 March 2018:
Up to £13,700 5.50%
£13,701 to £21,400 5.80%
£21,401 to £34,700 6.50%
£34,701 to £43,900 6.80%
£43,901 to £61,300 8.50%
£61,301 to £86,800 9.90%
£86,801 to £102,200 10.50%
£102,201 to £153,300 11.40%
£153,301 or more 12.50%
The real cost to you will be less than above as you will usually receive tax relief on your contributions.
You can receive a better idea of what you pay with this external calculator.
The above bands and rates are for the main section. If you are a member of the 50/50 section, you will pay half of the above percentages.
If you are unsure what contribution band is applicable to you a contribution band calculator can be found on the LGPS 2014 website – ‘How much do you pay in pension contributions in LGPS 2014?’