www.wiltshirepensionfund.org.uk

20 Nov 2008, Time:17:17

Action Navigation

Contribution Information

Top

Your contribution rate depends on how much you are paid but it will be between 5.5 and 7.5% of your pensionable pay.  The rate you pay depends on which pay band you fall into. It is your employer's responsibility to tell you which band you have been allocated to.

The contribution rate for those manual workers who joined the Scheme before 1 April 1998 and were protected to pay contributions at a rate of 5% will be brought into line with all other Scheme members on a phased basis by 1 April 2011.

If you work part-time, your rate will be based on the whole time pay rate for your job, although you will only pay contributions on the pay you actually earn.

Here are the pay bands that apply from April 2008.

Band

Whole time equivalent pay rate

Contribution rate

1

£0 to £12,000

5.5 per cent

2

£12,001 to £14,000

5.8 per cent

3

£14,001 to £18,000

5.9 per cent

4

£18,001 to £30,000

6.5 per cent

5

£30,001 to £40,000

6.8 per cent

6

£40,001 to £75,000

7.2 per cent

7

£75,000

7.5 per cent

The pay band ranges will be increased each April in line with the cost of living.

As a member of the Local Government Pension Scheme (LGPS), your contributions will attract tax relief at the time they are deducted from your pay and you will be contracted out of the State Second Pension scheme (S2P). Whilst you are a member of the LGPS you will, prior to State Pension Age, pay reduced National Insurance contributions.

Does my employer contribute?

Your employer pays the balance of the cost of providing your benefits in the LGPS. Every three years an independent review is undertaken to calculate how much your employer should contribute to the Scheme.

Wiltshire Pensions Fund, County Hall,Trowbridge, Wiltshire, BA14 8JJ.
© 2007 Wiltshire Pension Fund.