Membership and contributions

Question 1

What is the minimum and maximum additional pension that can be purchased in the 2015 scheme?

Answer 1

Min - £250
Max - £8,575

Question 2

How is the value of additional pension revalued each year before coming into payment?

Answer 2

1995/2008 - Before 2011 RPI; Post 2011: CPI

By a treasury order
NB: Additional pension does not receive the additional 1.5% applied to standard pension

Question 3

How can additional pension be purchased?

Answer 3

-Lump sum
-Installments

Question 4

What conditions must be met to purchase additional pension?

Answer 4

-Active contributing member
-If installments - NHS earnings must be enough to meet the cost of these
-Application made before Normal Pension Age

Question 5

Once in payment, how is additional pension increased every year?

Answer 5

CPI

Question 6

What form should be filled in to apply for additional pension?

Answer 6

AP1

Question 7

If the option is taken up, how much does each £250 in additional pension add to the adult and children’s dependants pensions?

Answer 7

Adult - £93.75
Children - £187.50

Question 8

What is an early retirement reduction buyout (ERRBO)?

Answer 8

-Applies to 2015 scheme only
-Allows members to pay additional contributions to ‘buy out’ the reduction that would apply if they retired before their NPA

Question 9

When must an application for ERRBO be made?

Answer 9

Application forms must be received within three months of either joining the 2015 Scheme or the beginning of the Scheme year, whichever is earlier

Question 10

What can an ERRBO agreement be used for?

Answer 10

Early retirement 1, 2 or 3 years before the member’s NPA but no earlier than age 65

Question 11

When did the option to buy full cost added years close to new applications?

Answer 11

31 March 2009