EES 5.5% ERS, 19.3% on the pension part of my wage slip...

hyubh

lisyloo wrote: »

19.3% is fantastic.
Do bear this in mind when comparing with other jobs/options.

... although it also has no particular meaning for the OP's own pension, given the scheme is a DB one. Works as a rough approximation of an 'equivalent' DC contribution though. Also, pretty much all pay is pensionable in the LGPS, which isn't necessarily the case in a DC workplace pension.

lisyloo

hyubh wrote: »

... although it also has no particular meaning for the OP's own pension, given the scheme is a DB one. Works as a rough approximation of an 'equivalent' DC contribution though. Also, pretty much all pay is pensionable in the LGPS, which isn't necessarily the case in a DC workplace pension.

Didn’t say it was equivalent, but I think most of us would consider it “gold plated”.

hyubh

lisyloo wrote: »

Didn’t say it was equivalent, but I think most of us would consider it “gold plated”.

Right, but the 19.3% could raise or fall dramatically without affecting the OP's pension (there is no standard employer rate in the LGPS, even though pension benefits are perfectly standardised).

Silvertabby

“ Didn’t say it was equivalent, but I think most of us would consider it “gold plated”.
Originally posted by lisyloo

Ther term 'gold plated' when used in respect of public sector pension schemes just refers to the '100% guaranteed' status of the schemes, not the amount of money actually paid out.

After all:

A. The average LGPS pension is just £5K per year, as there are far more low paid manual workers than CEOs.

B. If you were offered a solid gold necklace or a gold plated one - which one would you go for?