Additional pension contributions & early retirement

Additional pension contributions & early retirement

Postby angie3737 on Wed Jan 18, 2012 10:15 pm

I am a female civil servant aged 50, with 30 years service, and it is probable, due to circumstances in my office, that I will be offered voluntary exit / retirement on 31 March 2013.

My question I hope someone might be able to offer advice on is that this coming financial year (1 April 2012 to 31 Mar 2013) I was considering increasing my monthly pension contribution. I would receive tax relief on these additional contributions at standard rate as I am not a higher tax payer.

Would this be a sensible move given that I may end up taking early retirement in 31 March 2013. If early retirement occurred my employer would pay me the value of my pension at that time of my exit – and I would receive my pension commencing April 2013.

My pension scheme is the Classic -
http://www.civilservice.gov.uk/wp-content/uploads/2011/09/YCPBE_boklet_with_insert_tcm6-1884.pdf

Information about the voluntary exit scheme –
http://www.civilservice.gov.uk/wp-content/uploads/2011/09/CSCS_Voluntary_exit_guidance_for_staff_tcm6-38086.pdf

Information on additional contributions –
http://www.civilservice.gov.uk/wp-content/uploads/2011/09/AddedpensionJan2011_tcm6-1887.pdf

Thanks for any info – I am not wanting to add to my pension contributions if I will not gain any value given the potential that I may have to retire before my pension age which is 60.
angie3737
 
Posts: 1
Joined: Wed Jan 18, 2012 10:05 pm

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