Defined Benefit Pension - APC

Swipe

housebuyer143 said:

Swipe said:

EthicsGradient said:

housebuyer143 said:

r6mile said:

You are buying an extra £159.53 a pension per year between retirement age and your death. So a very good deal as you get your money back in just over 4 years, I think.

Remember a Defined Benefit pension works very differently to a (more common) Defined Contribution one - there is no "pot" as such.

Thank you - so what do the years mean? I makes me pick a timeframe for these payments to be over - is that how long I am committing to the extra payments for? 

It feels weird that there is no pot of money I can look at ha ha ha! 

I would expect you could stop the contributions, or change them, at any time; it would just be a matter of the paperwork going through. If they did require more notice than a month, I think they'd have to make that clear before you start.

I pay APCs into my LGPS and I believe I can stop them but not amend them.

Was it relatively easy to set up, the extra payments? I'm hoping they enrol me and then set up the extra contributions right away. 

Yes, was really straightforward. After I'd submitted my medical report, it was up and running for the following month's pay run