How much you pay depends on your salary
As a member of the scheme, you will pay a percentage of your actual pensionable pay.
Pensionable pay usually consists of your basic pay, all overtime, and regular bonuses.
Please see the table below to find out your contribution rate:
|Band||Actual pensionable pay||Main section contribution rate||50/50 section contribution rate|
|1||Up to £16,500||5.5%||2.75%|
|2||£16,501 to £25,900||5.8%||2.90%|
|3||£25,901 to £42,100||6.5%||3.25%|
|4||£42,101 to £53,300||6.8%||3.40%|
|5||£53,301 to £74,700||8.5%||4.25%|
|6||£74,701 to £105,900||9.9%||4.95%|
|7||£105,901 to £124,800||10.5%||5.25%|
|8||£124,801 to £187,200||11.4%||5.70%|
|9||£187,201 or more||12.5%||6.25%|
For more information on the 50/50 section, please visit our contribution flexibility webpage. You can elect for this 50/50 section option at any time, pay half your normal contributions and build up half your normal pension.
The above bands are as at April 2023 and these will increase each April in line with the rise in the consumer prices index.
If you are a tax payer, you will attract tax relief on your contributions.
Can I pay extra?
It is possible to pay extra to increase your benefits, for more information please view can I increase my benefits?