Does my Employer Pay?
Your employer pays the balance of the cost of providing your benefits. Every three years an independent review, known as a valuation, is undertaken to calculate how much your employer should contribute to the Scheme. The amount that your employer has to contribute is outlined in a Rates & Adjustment Certificate (see below) that forms part of the formal valuation of the Pension Fund. The date of the last valuation was 31 March 2022 with employer contribution rates set for the period 1 April 2023 to 31 March 2026.
The current employer contribution rates are shown in the valuation report.
Please Note: The pension you build up within the LGPS is not based on employee or employer contributions. It is based on a specific formula which is applied to the amount of pensionable pay you build up each year during your membership of the scheme.
To find out more please visit the How is my pension calculated? section of the website.