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The amount you contribute will depend on your pensionable earnings. These are split into contribution bands and are reviewed on 1 April every year in line with Pension Increase orders.
The new bands for 2023/24 are:
| Band |
Main Section contribution rate 1/49th accrual
|
50:50 Section*
contribution rate |
Pensionable pay range from 1 April 2023 based on the assessed pensionable pay you receive |
| Band 1 |
5.5% |
2.75% |
Up to £16,500 |
| Band 2 |
5.8% |
2.9% |
£16,501 to £25,900 |
| Band 3 |
6.5% |
3.25% |
£25,901 to £42,100 |
| Band 4 |
6.8% |
3.4% |
£42,101 to £53,300 |
| Band 5 |
8.5% |
4.25% |
£53,301 to £74,700 |
| Band 6 |
9.9% |
4.95% |
£74,701 to £105,900 |
| Band 7 |
10.5% |
5.25% |
£105,901 to £124,800 |
| Band 8 |
11.4% |
5.7% |
£124,801 to £187,200 |
| Band 9 |
12.5% |
6.25% |
£187,121 or more |
*50:50 Section contribution rates only apply if you’ve chosen to be in the 50:50 section instead of the Main Section.
If you'd like more details about joining the 50:50 Section, see our 50:50 section page.
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