LGPS - how can I work out what I will return on?

[bookworm8500]

My main pension will be from my local government pension which is one of the CARE funds - a career average revalued earning scheme.

I have looked online for a calculator but can't seem to find anything.

I currently earn £45k a year. I will pay into it for 25 years. Just say my salary never increased, what will.my annual pension income be? I contribute 6.5% of my income

Thanks so so much in advance!

https://www.lgpsmember.org/about-the-lgps/

You will get an annual statement. Most pension fund holders also have an online portal where you can obtain a projection.

In the LGPS you build up a pension of 1/49 of your salary for each year that you work, payable from state pension age. It grows with CPI - so should be worth the same as in todays terms when you get it.
So if you ignore inflation and imagine you stayed on £45k for 25 years you would build up pension of 45,000 x 1/49 x 25 =22,959 at state pension age. If your salary grows in line with inflation this is the kind of pension you’d expect in today’s terms

Thank you SO much, this is so helpful and is exactly what I was after. I really don't understand pensions but you've explained it perfectly 😊

You can model the projection on https://ukpensionbot.com/lgps

I tried to get one by asking "Show me how I will build up pension in the LGPS over time". When it asked for CPI assumption, I used 2.6% which is the latest CPI figure and 0% for pay rise (as per your question). It projected your pension will build up to £32,605 after 25 years.

Obviously you can have a go yourself with different assumptions etc.