Your contribution rate depends on how much you are paid and will be between 5.5% and 10.5% of the pensionable allowances you receive. The only allowances that are pensionable are the Basic Allowance and Special Responsibility Allowance.
The rates below apply from 1 April 2024.
| Pensionable Pay | Contribution Rate |
|---|---|
| £0 to £18,000 | 5.5% |
| £18,001 to £27,700 | 5.8% |
| £27,701 to £46,300 | 6.5% |
| £46,301 to £56,300 | 6.8% |
| £56,301 to £111,700 | 8.5% |
| More than £111,700 | 10.5% |
As a member of the Scheme, you will receive tax relief on your contributions.
Example 1 – calculation of a contribution rate
Alice is paid £11,000 a year.
She will pay 5.5% of her pay, making her monthly contribution approximately £50.
How much does the Council contribute?
The Council pays the balance of the cost of providing your benefits in the Scheme – this is normally a percentage of your pensionable pay. Every three years an independent review is undertaken to calculate how much each Council should contribute. The percentage contribution rates for the next three years are:
| Year | Council Contribution Rate |
|---|---|
| 2023/24 | 19% |
| 2024/25 | 19% |
| 2025/26 | 19% |