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LGPS redundancy buying extra pension
Maria2512
Posts: 75 Forumite
Hi,
Can you buy extra pension for the LGPS with redundancy pay, pre 08 automatic lump sum or AVC pot? If so, how do you go about it? Are there limits? Is it worth it?
Can you buy extra pension for the LGPS with redundancy pay, pre 08 automatic lump sum or AVC pot? If so, how do you go about it? Are there limits? Is it worth it?
My age will be 58 if I get VR in March’26
Thanks
0
Comments
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No you can’t. Any extra payments need to be paid before you leave the scheme and you won’t receive your redundancy until you have left.2
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You can only use the excess over the statutory minimum (if any) to buy additional LGPS benefits (including AVCs). But even this is an employer discretion, so you would have to check with your HR to ask if they allow it.
Any benefits bought will be under current CARE rules.2
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