How much do I have to pay?
Your employer will determine the Min Section contribution rate you pay based on your earnings and may change this during the year, if your pay changes significantly. If you have more than one job, your Main Section contribution rate will be determined separately from each job - you may therefore pay a different contribution rate in rach job.
If you choose to move to the 50/50 Section of the LGPS, the contributions you pay will be one half of those you would pay if you were a member of the Main Section.
The contribution bandings are reviewed annually.
The contribution rates for 2020/21 are:
|Actual pensionable pay for an employment||Contribution rate for that employment|
|Main Section||50/50 Section|
|Up to £14,600||5.50%||2.75%|
|£14,601 to £22,800||5.80%||2.90%|
|£22,801 to £37,100||6.50%||3.25%|
|£37,101 to £46,900||6.80%||3.40%|
|£46,901 to £65,600||8.50%||4.25%|
|£65,601 to £93,000||9.90%||4.95%|
|£93,001 to £109,500||10.50%||5.25%|
|£109,501 to £164,200||11.40%||5.70%|
|£164,201 or more||12.50%||6.25%|
The Pension Contributions Calculator on the national LGPS member website can also work out your LGPS contributions for you. Just click this link: Contributions Calculator