Pension Contribution Increases
There have been increases to member pension contributions - find out further information below.
Teachers’ Pension Increases
Each April, member contribution bands are updated in line with the Consumer Price Index (CPI).
From 1st April, 2024, the bands will be changed to reflect this.
The new rates as of 1st April, 2024, will be:
|
Teachers' Pension 2024/25 |
|
|
Annual Salary Rate For The Eligible Employment From 1st April, 2024 |
Member Contribution Rate |
|
Up to £34,289.99 |
7.40% |
|
£34,290 to £46,158.99 |
8.60% |
|
£46,159 to £54,729.99 |
9.60% |
|
£54,730 to £72,534.99 |
10.20% |
|
£72,535 to £98,908.99 |
11.30% |
|
£98,909 and above |
11.70% |
Click here for further update information.
LGPS Pension Increases
The table below shows the pay bands and contribution rates that apply from April 2024.
|
LGPS Employee Rates 2024/25 |
|
|
If your actual pensionable pay is: |
You pay a contribution rate of: |
|
Up to £17,600 |
5.50% |
|
£17,601 to £27,600 |
5.80% |
|
£27,601 to £44,900 |
6.50% |
|
£44,901 to £56,800 |
6.80% |
|
£56,801 to £79,700 |
8.50% |
|
£79,701 to £112,900 |
9.90% |
|
£112,901 to £133,100 |
10.50% |
|
£133,101 to £199,700 |
11.40% |
|
£199,701 or more |
12.50% |
Click here for more information from the lgpsmember.org website.