LGPS pension scheme

[ilovebrie8]

Is this a good scheme to join? Looking at a job and this is the scheme but I can't see what the employer contributions are?

Am guessing it is a good scheme compared to the private sector?
Thanks

I'm in it. It's a good scheme. The employer contributions are good ( sorry not to be more specific, I don't really know the details) but it will be better than a private scheme and less risky I would have thought if they are your choices.

Employee contributions are between 5.5% and 12.5% depending on salary. The employer contributions aren't really publicised but will be around 2-3x what you put in.

However, you don't amass a pension pot. Instead, you get 1/49th of your annual salary as a pension for life. Each year the amount you have accrued is increased by inflation. Also, when you start receiving your pension, it increases every year by inflation too.

More here:

You will struggle to find a better scheme . Use the link @lumpfy provided.

As the LGPS is a defined benefit scheme, the employer contributions are irrelevant - you will get benefits based on your salary and how long you work there and your employer has to pay whatever is needed to cover the cost of the promised benefit. Every employer in the LGPS has its own rate - the administering authority for the fund you’re in will be able to tell you what yours is (or just ask your employer’s payroll or HR department).

But yes, it’s a very good scheme to be in!

It is a good scheme. It is a defined benefit scheme as opposed to a defined contribution scheme.

The pension you will receive is based on your salary and length of service rather than having a pension pot based on contributions.

The LGPS also comes with a "death in service" life assurance policy worth approx x 3 salary. It is a very good scheme.

I’ve not got the job just applied and they sent me the benefits to look at …hence asking.

sounds really good but am not getting my hopes up as I’ve applied for lot of jobs and battling 😒.

thanks for replies really helpful