Could the monthly payments change?
It is possible that your monthly payments could change in the future. The actuary may change the rates or the government could change the method of increase. These changes would affect both new applicants and members who are already buying additional pension. These changes will normally apply from 1 April following the change and we […]
What if I stop contributing before the end of the payment period?
If you stop contributing, leave or retire before the end of the payment period you will receive a pension based on the contributions made up until the date they ceased. If you retire early on ill-health grounds the contract is deemed to have been paid in full.
How does my additional pension build up?
At the end of every Scheme year the proportion of additional pension that you have bought in that year is added to your pension account. The value of pension in your pension account is revalued each year to keep up with cost of living increases. Once in payment the additional pension will get the same […]
APCs when you die
If you die in service then no benefits from your Additional Pension Contributions (APC) contract will be payable. This is because the amount of extra pension you buy is for you only. It is not used in the calculation of the lump sum death grant or any survivor’s or children’s benefits. If you die after […]
When is my additional pension paid?
The additional pension is paid at the same time as you receive your main Scheme benefits. If you retire early and draw your benefits before your Normal Pension Age or you are retired on redundancy or business efficiency grounds before your Normal Pension Age the additional pension that you have bought will be reduced for […]
How do I apply to buy additional pension?
Once you have decided what you want to purchase, having used the APC calculator you should either print off or download the APC application form (LGS27A – Election to pay Additional Pension Contributions to Boost Pension (801MB PDF) or LGS27B – Buying Lost Pension (834KB PDF). If you are buying ‘lost’ pension you should contact your employer […]
Covering Lost Pension
Covering pension ‘lost’ due to authorised unpaid leave If you are off work with permission and are receiving reduced or no pay e.g. a few days of unpaid leave or a career break, you and your employer must pay pension contributions for the first 30 days of your absence if the absence is for 30 […]
How much does additional pension cost?
You can pay for additional pension either by regular contributions or by lump sum. The cost depends on: You can calculate the cost of buying additional pension using the APC calculator. This calculator allows you to consider the cost over various payment periods. If you decide to pay by regular contributions the contract must […]
How does the pension I am building up keep up with the cost of living?
On 6 April each year the CARE pension that you have built up to the 31st March that year is revalued in line with Orders made by the Department of Finance. This ensures that your pension keeps up with the cost of living. The benefits built up in the Scheme are revalued based on the […]
What pay is used to calculate my retirement benefits?
Membership after 31 March 2015 Each year, if you are in the main section of the Scheme 1/49th of your pensionable pay is added to your pension account (1/98th if you are in the 50/50 section) PLUS a revaluation amount so that your pension keeps up with the cost of living. Pensionable pay includes your: […]