Pension Contributions

Pension Contributions

Table of Contents

Pension Contributions

Pension Contributions

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

You are able 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 2020/2021 employee contribution rates within the MAIN and 50/50 Sections of the LGPS are detailed below. These should be applied from 1 April 2020 to 31 March 2021.

Band

Salary Range

Contribution
Rate

MAIN Section

Contribution
Rate

50/50 Section

1

£0 to £14,600

5.5%

2.75%

2

£14,601 to £22,800

5.8%

2.9%

3

£22,801 to £37,100

6.5%

3.25%

4

£37,101 to £46,900

6.8%

3.4%

5

£46,901 to £65,600

8.5%

4.25%

6

£65,601 to £93,000

9.9%

4.95%

7

£93,001 to £109,500

10.5%

5.25%

8

£109,501 to £164,200

11.4%

5.7%

9

£164,201 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.