What will the new scheme cost me?

Member contributions to LGPS 2015 will continue to be calculated using contribution rates based on pay.  However, from the 1 April 2015, part-time members’ contributions rates will be based on actual pensionable pay.
 
For example, if a member’s full time equivalent pay is £34,416 then the gross contribution rate would be 6.6%.  However, if the member works part-time, the contribution rate will be worked out on the actual pay received.   If the member works 50% of the full time hours, their pay would be £17,208 and so the new contribution rate would be 5.5%. 
 
Part-time members may therefore pay less pensions contributions from 1 April 2015.  However, if your full time equivalent pay is less than £21,102 then your contribution rate will remain 5.5% even if you work part-time.
 
The table below summarises gross contributions payable in 2016/17.  Alternatively you can use Strathclyde Pension Fund's contribution calculator. Please note - if you are part-time, you should use your actual pay and not your full time equivalent pay.   
 

Rate of pay on 1/4/16

Contribution rates 2016/17

Up to and including £21,102

5.5%

Between £21,103 and £27,397

Between 5.6% and 6.0%

Between £27,398 and £34,415

Between 6.1% and 6.5%

Between £34,416 and £48,544

Between 6.6% and 7.5%

Between £48,545 and £54,689

Between 7.6% and 8.0%

Between £54,690 and £73,228

Between 8.1% and 9.0%

Between £73,229 and £110,782

Between 9.1% and 10.0%

More than £110,783

10.1% and over