Schedule 1 Part O Added Years
329.Part O of Schedule 1 sets out rules covering how participating members can enhance their pension benefits by buying extra years of service to add to their actual length of reckonable service. The cost of purchasing added years is determined by an actuarial calculation and in practice will be fixed as a percentage of salary. The amount of an instalment required to buy a fixed amount of additional reckonable service depends on the member’s age. Purchase may be made by lump sum or by way of monthly instalments. ’’Members pay the full cost of any added years that they purchase.
330.These rules replace the rules contained in Part Q and Schedule 5 of the 1999 pensions order.