What Choices Do I Have ?
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What Choices Do I Have ?
Pay Additional Pension Contributions To Buy Extra Scheme Pension
How much additional pension can I buy ?
At 1 April 2018 the maximum amount of annual pension you can buy is £ 6,822 ( this amount is index linked every April ). You can choose to buy additional annual pension in multiples of £ 250 for you alone .
Do I get tax relief on the extra contributions ?
If you pay tax , you will receive tax relief on the extra contributions just as you do on the basic contributions you pay . LGPS contributions are deducted direct from your pay and the tax relief ( at your highest rate ) is automatically given through the payroll . This means that tax is calculated on your pay after your pension contributions have been deducted .
How much do I have to pay ?
The amount of contributions you pay will depend on your age when you start paying the additional contributions , the amount of pension you wish to buy , and the period over which you wish to pay the contributions .
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