You can pay for additional pension either by regular contributions or by lump sum. The cost depends on:
- your age at the date the lump sum is paid or the contributions start
- the period you wish to pay over
- your normal pension age
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 be for at least one full year or a full number of years. Contracts may be subject to a minimum monthly contribution rate set by NILGOSC.
You cannot start to buy additional pension with regular contributions if you are within one year of your normal pension age. However, you could still pay by lump sum.
Shared Cost Additional Pension Contributions (SCAPCs)
If your employer chooses to contribute towards the cost when you are buying additional pension to increase your benefits, this is known as a Shared Cost Additional Pension Contribution (SCAPC) contract. This is an employer discretion and you can ask your employer about its policy on Shared Cost APCs.