Local government pension

Matt_22

If looking at two jobs at a similar salary. How much extra would you say the lgps is worth over the normal peoples pension scheme?

draiggoch

What are the employer contributions of the non LGPS job?
The LGPS tends to be around 20% from the employer theoretically.
If the salary is similar I would probably go for the job with LGPS, as long as I was interested in the role.

Matt_22

3% employee contributions in the non lgps

draiggoch

.Matt_22 said:

3% employee contributions in the non lgps

Is that the employer contribution rather than employee? As 3% is the minimum they have to contribute so pretty poor in comparison to the LGPS

Matt_22

Yes 3% employer contribution 

Matt_22

Employee is 4%

Matt_22

This is at my present company. But I'm looking at a job that offers lgps

draiggoch

If the LGPS role interests you then It’s a no brainer really. Probably better holidays and sick pay as well.

Matt_22

Yes the lgps role is 1k less a year. But I believe the benefits of the lgps out weighs this?

Matt_22

And yes pays sick pay and an extra 10 days a year annual leave

Universidad

Matt_22 said:

Yes the lgps role is 1k less a year. But I believe the benefits of the lgps out weighs this?

Probably by an order of magnitude. An LGPS pension could be worth up to 30% of the salary.

You do have to wait until later in life to yield those benefits, though.

That said, 10 extra days holiday a year probably pretty much pays for the difference by itself.