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Gwynedd Pension Fund

How Much Will I Pay?

As an active member of the Local Government Pension Scheme you will make contributions to the scheme. These contributions will attract tax relief.

Your actual contribution rate will depend on how much you earn. The pay bands from 1st April 2020 are outlined below. The salary ranges for each contribution band will change each April in line with the cost of living:

Band       Actual pay                 Contribution

1              £0 - £14,600                          5.5%

2              £14,601 - £22,800                 5.8%

3              £22,801 - £37,100                 6.5%

4              £37,101 - £46,900                 6.8%

5              £46,901 - £65,600                 8.5%

6              £65,601 - £93,000                 9.9%

7              £93,001 - £109,500               10.5%

8              £109,501 - £164,200             11.4%

9              £164,201 +                            12.5%

It is your employer’s duty to inform you of your contribution band, and of any later changes to the percentage you will be paying. If you believe that you have been allocated to the wrong band, please contact your employer.

Employer contribution

Your employer pays the balance of the cost of providing your benefits in the Local Government Pension Scheme. Every three year an actuarial valuation is undertaken to calculate how much your employer should contribute to the scheme.