To find out how much the Scheme will cost you, input the following details:
- Annual Pensionable Pay – this is the actual pay that you receive each year including overtime
- Pay frequency – set whether you are paid monthly, weekly or lunar
- Tax Allowance – set to 12,570 (2023/24) but if you know you have a different personal tax allowance please input here
- Section of the Scheme – the 2015 Scheme has a 50/50 section which means that you can choose to pay half the contributions and build up half the amount of pension. You are in the main section of the scheme unless you opt to join the 50/50 section.
Your Contributions: The results show your contribution rate based on the pay band that you fall into. The gross contribution is the amount you will see on your payslip. However, this figure is before tax relief meaning that the real cost to you is usually less. The net contribution amount shown takes the reductions for tax into account, showing the amount that you actually pay.
*This calculator has been produced for illustrative purposes only to show how much pension contributions will be in the LGPS (NI). The results shown are for general information purposes only and do not cover all individual personal circumstances. The calculation does not take account of any impact of national insurance contributions. In the event of any dispute as to eligibility for membership of, or benefits due under the LGPS (NI) the appropriate legislation will prevail. The information in this calculator does not provide any contractual or statutory rights and does not override existing legislation.