Will the new pension rules affect me ?

50Twuncle

I earn just £354 gross per month in a part time job

I pay no NI conts

I pay £13 income tax

I currently pay £19.47 into an LGPS scheme
Apparently my employers pay £73.99 into the scheme - each month
Will the new rules affect me ?

molerat

What new rules ?

lisyloo

Which new rules are you referring to?

Auto enrolment?
State pension age?
Age at which you can take private pension?
2nd state pension?

Also how old are you?
Which gender?
And have you obtained a state pension forecast?

50Twuncle

lisyloo wrote: »

Which new rules are you referring to?

Auto enrolment?
State pension age?
Age at which you can take private pension?
2nd state pension?

Also how old are you?
Which gender?
And have you obtained a state pension forecast?

Male aged 55 and yes I have had a state pension forecast

TBC15

Sounds a bit of a riddle, is there a prize?

redwolf

If you only earn £354 a month but pay £13 income tax
you must have other income already

Mnd

You can earn 12500 pa without paying tax, you need to provide more details

Dazed_and_confused

I wonder if the op means the changes to auto-enrolment contribution rates?

Although that is unlikely (impossible?) to be relevant to a LGPS pension.

If of course the LGPS pension contributions the op refers to are in respect of the part time job mentioned.

Clarification required.

50Twuncle

Dazed_and_confused wrote: »

I wonder if the op means the changes to auto-enrolment contribution rates?

Although that is unlikely (impossible?) to be relevant to a LGPS pension.

If of course the LGPS pension contributions the op refers to are in respect of the part time job mentioned.

Clarification required.

That's what I mean - yes - I do earn more (two * ill health pensions)
I was wondering whether the cost of my LGPS pension would increase for me ?

lisyloo

The auto enrolment rate are a minimum.
It’s likely that your LGPS scheme is already contributing more and is therefore unaffected.

Silvertabby

50Twuncle wrote: »

That's what I mean - yes - I do earn more (two * ill health pensions)
I was wondering whether the cost of my LGPS pension would increase for me ?

Based on your actual salary, your LGPS contributions will be the minimum 5.5%. Nothing to do with auto enrolment rates/rules, and so won't change. However, LGPS employer and employee contribution rates are reviewed periodically.....