Local government pension schemes

[Butterontoast]

Hi,
I’m currently paying into a LGPS, I only work part time so my contributions are only small.
Is it better to up my pension by 1% or to increase it by a set payment of the same amount. Does anyone know?

thank you

Whichever is the largest amount?

Isn't LGPS defined benefit?

You will firstly need to decide which type of additional contributions you want to make. You can buy additional pension in the main scheme, but the costs of this are fixed so would depend how much additional pension you want to buy. The other choice is AVCs where you build up an additional pot of money with more flexibility over how this is taken at retirement. You could do either a fixed amount or a percentage into AVCs. A fixed amount won’t change as your pay changes whereas a percentage would so it depends what you want really. See here for more info about the two choices: www.lgpsmember.org/your-pension/paying-in/paying-more/