Paying additional contributions gmpf

daz378

Checked my 2022   lgps figure  it's gone up by about   700 p.a  from 21 statement....say I was to contribute    years worth of current contributions  say under  around 2k...today's value  9400 per annum....would this  add significantly  to next years statement...or would it take a while to make a difference...thanks

Silvertabby

It's not as simple as just doubling up your contributions, I'm afraid.

APCs may be bought in instalments, usually through payroll, or by lump sums.  The on-line APC calculator will give you a better idea but, as an example, the figures for a 50 year old male are approx £160 per year additional  index linked pension for a one-off payment of £2K (before tax relief).

This assumes that your employer won't chip in with additional contributions.  Hens, teeth and rare (not necessarily in that order) spring to mind.

daz378

Thanks at least give me an idea....I'm 56    so probably  less

Silvertabby

Yes - more like £155.

daz378

Yea found   the online calculator...thanks