How can I increase my pension?

You can pay more to top up your pension.

There are two ways you can currently increase your pension from the Scheme:

  • Buying extra pension
  • Paying Additional Voluntary Contributions (AVCs).

Don’t forget you get tax relief on extra contributions which lowers their real cost to you.

There are limits on the amount of extra contributions you can pay. To find out more please contact us.

Under previous regulations there have been different ways to buy extra membership or pension.  You may have one of these arrangements in place and this will be honoured. These previous options have now been closed and we can't accept any new applications. However, from 1st April 2014 there is a new means of buying extra pension and this is detailed below.

Find out about other ways you can boost your pension.


Buying extra pension

You can buy extra yearly pension up to a maximum of £7,194 from April 2020.

The extra pension you buy will be paid the same way as your scheme retirement pension.


How much does it cost?

The cost to you will depend on a number of factors.

There is an online calculator available on the LGPS website, where you can get a quote for how much more it would cost you to buy more pension through Additional Pension Contributions (APCs).

Once you have input your details into the online calculator, you can download and print off an application form to send to your employer and us should you wish to go ahead with buying more pension.

Alternatively, you can contact us to get a quote or if you would like more information.

Example – how much does it cost to buy extra pension? 


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Pay Additional Voluntary Contributions (AVCs)

You can pay more contributions to our AVC schemes (sometimes called "in house" AVC schemes).

We have chosen Clerical Medical and Prudential to run our AVC schemes.

You choose how much to pay in AVCs and how they are invested. The money will come straight out of your pay and go to Clerical Medical or Prudential who invest it for you.

What happens when I retire?

You can either use your AVCs to take a lump sum and/or additional pension from the fund when you retire or you can buy an annuity. If you are interested in paying AVCs please contact us for further information.


Norfolk County Council's Salary Sacrifice Shared Cost AVC Scheme

If you are a Norfolk County Council employee, there is an additional option of a shared cost AVC scheme that provides both Income Tax relief and National Insurance (NICs) savings, through a salary sacrifice arrangement. For more information please click here.





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