As a Councillor who is a member of the LGPS, you will contribute 6% of your pensionable pay. This includes your basic allowance and any Special Responsibility Allowance (SRA).
You do not pay pension contributions on dependants' carers allowance, travel and subsistence allowances, or any co-optees' allowance.
Your contributions qualify for tax relief, which means the actual cost of your pension is lower than the amount you contribute.
The LGPS is a defined benefit pension scheme established by law. The benefits you build up are guaranteed and do not depend on the performance of individual investments.
Your Council will also contribute towards the cost of providing your pension benefits. These contributions are significantly higher than member contributions and form an important part of the value of the scheme.
Every three years, the Fund Actuary reviews the scheme to determine how much employers should contribute to ensure there is sufficient funding available to pay members' benefits in the future.