How much contributions do I pay?
How much being a member of the LGPS costs you depends on how much you are paid but it's currently between 5.5% and 7.5% of your pay. The rate you pay depends on which pay band you fall into.
The pay band ranges are increased each year in line with the cost of living.
Here are the pay bands and the rates that apply from April 2011:
| If your whole time pay rate is: | You pay a contribution rate of: |
|---|---|
| Up to £12,900 | 5.5% |
| £12,901 to £15,100 | 5.8% |
| £15,101 to £19,400 | 5.9% |
| £19,401 to £32,400 | 6.5% |
| £32,401 to £43,300 | 6.8% |
| £43,301 to £81,100 | 7.2% |
| More than £81,100 | 7.5% |
Here are the revised pay bands and the rates that will apply from April 2012:
| If your whole time pay rate is: | You pay a contribution rate of: |
|---|---|
| Up to £13,500 | 5.5% |
| £13,501 to £15,800 | 5.8% |
| £15,801 to £20,400 | 5.9% |
| £20,401 to £34,000 | 6.5% |
| £34,001 to £45,500 | 6.8% |
| £45,501 to £85,300 | 7.2% |
| More than £85,300 | 7.5% |
If you work part-time, your rate will be based on the whole-time pay rate for your job, although you will only pay contributions on the pay you actually earn.
Remember - if you pay tax and National Insurance you get tax relief on your contributions and pay a lower rate of National Insurance.
