Increasing Benefits

Paying into a pension scheme is a great way to save for your retirement, but did you know you can pay more to increase your benefits? Here you'll find all the information you need to understand your options and apply to increase your benefits.

Purchasing an added pension (where you can increase your pension by paying additional contributions) is currently limited to £6,500 per year. The limit may be altered by HM Treasury (HMT). Added pension is revalued by CPI in line with the Pensions (Increase) Act 1971.

The 2015 Scheme does not have a formal Additional Voluntary Contribution
(AVC) arrangement, but you do have the option to make contributions to a separate personal pension scheme in addition to your contributions to the
2015 Scheme within limits prescribed by HMRC.

It is possible for Deferred Pensions (payable in full at your SPA) to be paid
early on request, but this will be subject to Actuarial Reduction to reflect that they will be paid earlier and for a longer period.

Deferred Pensions can also be paid early when a Deferred Member is permanently medically unfit for regular employment. These are not subject to Actuarial Reduction.

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