2023/2024 contribution rates published
As an active member of the scheme, you will pay a set percentage of your pay towards your LGPS pension. The percentage you pay depends on how much you earn and is set out in the contribution table.
Each April, the table is updated to keep up with the cost of living. The table has now been updated for 2023/2024 and the revised rates will apply from 1 April 2023.
It is your employer’s responsibility to review your pay according to the updated contribution table and inform you of any changes. If you have any queries, you should contact your employer in the first instance
If you want an idea of how much you will pay as an LGPS member, you can use the contribution calculator on the national LGPS website.
If you want to save more towards your retirement, you can do so by either paying towards an APC (Additional Pension Contribution) or an AVC (Additional Voluntary Contribution). If you’re a taxpayer, you will receive tax relief on all contributions made directly from your salary. Take a look at increasing your pension benefits to find out more.
If you’re experiencing financial hardship and thinking of opting out, consider moving to the 50/50 section instead. In the 50/50 section you will pay half the normal contributions in exchange for half the normal pension build up.
Your employer pays generous contributions to fund the cost of paying your LGPS pension benefits to you. Every three years a review is conducted to make sure the employer is paying enough.
As the LGPS is a defined benefit pension scheme your employer contributions are not used to work out your LGPS pension. Your pension is worked out according to your pensionable; pay.
Find out more about how your pension builds up.
Find out more about the different types of pension schemes on the MoneyHelper website.