Accrual Rate

The accrual rate (the rate at which your pension is built up) is the proportion of pensionable pay that each year of membership adds to your pension. The rate is normally expressed as a fraction (although some schemes show it as a percentage).
For the LGPS 2015 the accrual rate is 1/49th (or 2.04% if expressed as a percentage). This means that for each year of membership you will build up a pension of 1/49th of your pensionable pay for that year. You may see the terms ‘accrue’ or ‘accrual’ used. These just mean the amount of pension that has been built up for the year or in total.