The window for 2024’s Added Pension applications has now closed. The next opportunity to make an application will be for 1 April 2025 – 31 March 2026. Further details on how to make an application will follow in 2025.
Added pension (AP) is an amount of extra pension you can buy which will be combined with your ESPS pension when you choose to take it and you'll have the option to give up some of your AP for an additional lump sum when you retire.
You can buy added pension if you are an active member of the SLC Section of the Magnox Group ESPS and are accruing benefits on a Career Average Revalued Earnings (CARE) basis.
By choosing to buy AP, you agree to pay additional contributions over a CARE year, i.e., from 1st April to 31st March. The AP contributions will be a fixed amount payable in 12 monthly instalments.
The AP contributions will be deducted from your salary in the most tax efficient way, i.ee via salary sacrifice unless you decide to opt out of salary sacrifice or your employer does not offer salary sacrifice.
Note: You cannot change your AP contributions during a CARE year and these contributions are non-refundable.
Tax
AP counts towards the Annual Allowance and may have tax implications. For more details, please refer to the SMART Renewal guide sent by email by NRS, and the following websites:
https://www.gov.uk/tax-on-your-private-pension/pension-tax-relief
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