The start of April is already looking ominous as far as money in people's pockets goes, with rising energy bills, prices rising at petrol pumps, a rise in national insurance and inflation reaching 30 year highs.
For those in the Local Government Pension Scheme (LGPS), member contributions are also rising by 3.1% from 1 April.
Contributions for members will then look like this:
|Band||Pensionable Pay||Main section rate||50/50 section rate|
|1||Up to £15,000||5.5%||2.75%|
|2||£15,001 - £23,600||5.8%||2.9%|
|3||£23,601 - £38,300||6.5%||3.25%|
|4||£38,201 - £48,500||6.8%||3.4%|
|5||£48,501 - £67,900||8.5%||4.25%|
|6||£67,901 - £96,200||9,9%||4.95%|
|7||£96,201 - £113,400||10.5%||5.25%|
|8||£113,401 - £170,100||11.4%||5.70%|
|9||£170,101 or more||12.5%||6.25%|
The three-yearly review of employer contributions also starts on 1 April, just in case employers were feeling left out!
With all eligible employees automatically enrolled into the LGPS and very few limitations on eligibility, take-up of the LGPS is very high. However, with pension contributions often one of the first things to be cut when times are tight, it remains to be seen whether this (and everything else) will result in employees opting out.