How much do I pay?
There are two sections in the scheme - the MAIN Section and the 50/50 Section.
The MAIN section of the scheme is the section you will be placed in automatically when you commence employment (or opt in to the LGPS). In the MAIN section, you pay your normal contribution rate and build up your normal amount pension each year (i.e 1/49th of your pensionable pay).
The 50/50 section
Once you are a member of the LGPS under the MAIN section you can elect to opt in to the 50/50 section if you wish. If you do so, you will then pay half your normal contribution but, whilst you are in the 50/50 section, you will only be building up half the normal pension (1/98th of your pensionable pay). If you have more than one employment you can elect for the 50/50 option in one, some or all your employments.
Regardless of the section you are in, you receive full life assurance cover and you are fully protected under ill-health retirement regulations.
The rate of contribution you pay is based on your actual pensionable pay. There are nine different contribution rates ranging from 5.5% to 12.5% - see table below. Your employer will assess the rate of your contribution for each employment based on your actual pensionable pay.
You must be part of the MAIN section before you can elect to opt in to the 50/50 section of the Scheme.
How do I sign up for 50/50?
To opt in to the 50/50 section of the LGPS please complete and return the 50/50 election form and return to your payroll department.
On receipt of the completed form your payroll department will commence your 50/50 pension contributions from the first available pay period following your date of election.
The 2024/2025 employee contribution rates within the MAIN and 50/50 Sections of the LGPS are detailed below. These should be applied for the period from 1 April 2024 to 31 March 2025.
| Band | Annual Salary Range | Contribution Rate MAIN Section |
Contribution Rate 50/50 Section |
|---|---|---|---|
|
1 |
Up to £17,600 | 5.5% | 2.75% |
| 2 | £17,601 to £27,600 | 5.8% | 2.9% |
| 3 | £27,601 to £44,900 | 6.5% | 3.25% |
| 4 | £44,901 to £56,800 | 6.8% | 3.4% |
| 5 | £56,801 to £79,700 | 8.5% | 4.25% |
| 6 | £79,701 to £112,900 | 9.9% | 4.95% |
| 7 | £112,901 to £133,100 | 10.5% | 5.25% |
| 8 | £133,101 to £199,700 | 11.4% | 5.7% |
| 9 | £199,701 or more | 12.5% | 6.25% |
Opting back in to the MAIN Section
You can opt back in to the MAIN Section of the LGPS at any time by completing form LGS10B. Once completed please return to your payroll department who will commence contributions under the MAIN section from the next available payday.