Following a change to the discount rate used for public service pension schemes that HM Treasury announced on 30 March 2023, the prices used to calculate Additional Pension purchases have changed. These will be implemented from 1 April 2024. All members who are currently paying monthly contributions to purchase Additional Pension will be contacted shortly.
In general, the cost to purchase Additional Pension has increased. Members who wish to purchase Additional Pension by a single lump sum may wish to do so prior to the price increase in April 2024.
There has also been a price increase for Early Retirement Reduction Buy Out agreements. Members who have entered into such an agreement will also be contacted shortly regarding the increase.