Buy up

If you are a member of the Main Section, you can improve your benefits by buying up.

  • Watch your pension grow quicker - the buy up option allows you to increase your pension accrual rate from 1/75th to 1/70th or 1/65th (prior to 6 April 2016 the standard accrual rate was 1/67th and you could increase it to 1/65th or 1/60th);
  • Greater certainty - by buying up you know how much more pension you will earn.  This is different from typical voluntary benefits like AVCs where the amount of pension you receive depends upon investment returns and annuity rates.
  • No hassle - contributions are deducted directly from your pay so you do not need to worry about arranging payment.

You can find out more by downloading the 2017/18 Buy Up Guide below. 

You can download the 2017/18 modeller below.  This shows the annual cost and benefit of Buying Up.

You can also use the Buy Up Modeller on Pensionline to forecast the effect of Buy up on your total pension.  

If you would like to see the effect of Buying Up on your net pay please use the 2017/18 Net Pay calculator.  If you would like to compare the 2017/18 cost with the 2016/17 cost you can use the 2016/17 Net Pay calculator.

The next opportunity to start to buy up will be on 6 April 2018. 

A letter was sent to all active members of the Main Section in January 2017.  If you wish to continue on your current accrual rate you do not need to do anything.  If you wish to change our accrual rate for the 2017/18 tax year please return your election form by 10 March 2017. 

Last updated: 23 January 2017

Downloads

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Download all files in a single zip file
File Size Uploaded Link
xlsxNet Pay Calculator 2016/17 250.32KB 13th December 2016 Download
xlsxNet Pay Calculator - 2017/18 291.57KB 24th January 2017 Download
xlsxBuy Up modeller - 2017/18 238.14KB 23rd January 2017 Download
pdfBuy Up Guide - January 2017 204.82KB 23rd January 2017 Download