What's the average pension contribution?

[Bumperlicious]

Just doing a finance MOT type thing. DH is in a new job, hasn't been paid yet and doesn't know what his pension contribution is. He is working for the library, so local authority. can anyone give me a rough estimate of the percentage of his wage that he might be paying into a scheme? Thanks.

He will be in the local council workers pension scheme. I think the level of payments are the same nationally.

The percentage of salary you contribute depends on what your income would be if you worked part time. I have no idea what the exact paybands are for working out salary contributions.

For example an LSA who earns 15K pro rata might contribute about 5.75% where as someone who is a network manager earning 30K pro rata might contribute 7%.

It is a good scheme as its a final salary scheme. At the momen tI am earning peanuts being an ICT technician in a school, but if I became a network manager then I would stand to do very well.

I work for a council and pay roughly six per cent, which is about what most staff pay.

Thanks, that sounds about right.

Bumperlicious, your DH can ring the pensions team to find out his exact contribution but it will be roughly 6% based. The LGPS has changed recently so if your earnings are over £30k then the contributions are 6.8%. I can't remember the exact figures but 6% is close.

I think I contribute 6.5% (I earn a little under 30k before allowances) but, I think I pay less NI as a result. I know a few people stopped paying in for various reasons a few years ago and weren't as well off as they expected to be as a result due to the fact it's taken off your pay before tax and NI, so you taxable pay is less than your gross, if that makes any sense at all....