Example of the cost to buy extra pension
Kyle is 25 and wants to buy £1,000 additional yearly pension for himself.
He wants to pay the additional contributions he would have to make over 20 years.
The cost of buying £1,000 of additional yearly pension is £40.50 each month for the next 20 years (£9,720.00 in total).
Marion is aged 47 and wants to buy £750 additional yearly pension for herself.
She wants to pay for this over 10 years.
The cost of buying £750 of additional yearly pension would be £90.75 each month for the next 10 years (£10,890.00 in total).