What will the new scheme cost me?

Member contributions to LGPS 2015 will continue to be calculated using contribution rates based on pay.  However part-time members’ contributions rates are 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 6.4%.  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 2019/20.  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 1/4/19

Contribution rates 2019/20

Up to and including £22,441

5.5%

Between £22,442 and £29,193

Between 5.6% and 6.0%

Between £29,194 and £36,652

Between 6.1% and 6.5%

Between £36,653 and £51,713

Between 6.6% and 7.5%

Between £51,714 and £58,259

Between 7.6% and 8.0%

Between £58,260 and £78,008

Between 8.1% and 9.0%

Between £78,009 and £118,012

Between 9.1% and 10.0%

More than £118,013

10.1% and over