How much does it cost to join?
So let’s look at the cost of joining the Local Government Pension Scheme (LGPS), it will range from 5.5% to 7.5% of your pay and will depend on which pay band you fall into. Please remember that your contributions receive tax relief and you will pay a lower rate of national insurance so you are actually paying less.
If you work part-time, your contribution rate will be based on your whole-time equivalent pay but you only pay contributions on the pay you actually earn.
As your employer also pays a significant contribution towards your pension benefits it is regarded as one of the most important parts of your employment package.
Recent press reports have suggested that if the younger generation do not save towards their own pension provision for retirement, the state system alone will probably not provide you with the lifestyle you would like in retirement.
Please click here to see examples of how your standard contributions are calculated.
LGPS contribution bands 1/4/2013 - 31/3/2014
LGPS contribution bands 1/4/2012 - 31/3/2013
LGPS contribution bands 1/4/2011 - 31/3/2012