Employee Rates
An empty calculation value definition is predefined to store salary bands and corresponding contribution rates.
You can maintain the rates in accordance with the current legislation.
- Calculation Value Definition Name: LGPS Employee Pension Rates
- Value Definition Group: Public Sector Pension rates
- Calculation Type: Flat Amount
Update Calculation Value Definition
Follow these steps to update the public sector pension employee rate calculation value definitions to reflect current values:
- Use the Calculation Value Definitions task, and search for the LGPS Employee Pension Rates value definition LGPS.
- Select the Value Definition and enter the calculation values. For example, enter
the employee rates for the 2019 tax year as shown here:
LGPS Employee Pension Rates (2019)
Start date Low High Rate Calculation Type 01-Apr-2019 0 14,400 5.5% Flat Amount 01-Apr-2019 14,401 22,500 5.8% Flat Amount 01-Apr-2019 22,501 36,500 6.5% Flat Amount 01-Apr-2019 36,501 46,200 6.8% Flat Amount 01-Apr-2019 46,201 64,600 8.5% Flat Amount 01-Apr-2019 64,601 91,500 9.9% Flat Amount 01-Apr-2019 91,501 107,700 10.5% Flat Amount 01-Apr-2019 107,701 161,500 11.4% Flat Amount 01-Apr-2019 161,501 9999,999,99 12.5% Flat Amount
Update this calculation value definition needed to ensure the salary bands and percentages are in accordance with legislative changes.
When entering the new pension year rows, end date the old rows to 31 March YYYY, and the new rows will be effective from 01 April YYYY. To recalculate pension contributions prior to the current year, you must enter the historical rates.