Post 1995 Supplementary pension query

[POC]

I was talking to my pensions administrator today and they mentioned that notional service that was purchased does not count for the supplementary pension. Anyone have any other information about this.

Gosh - that would affect me too. Very interested in information on this.

 

[Nordkapp]

I was talking to my pensions administrator today and they mentioned that notional service that was purchased does not count for the supplementary pension. Anyone have any other information about this.

That is correct. NSP is added to your service to come up with your occupational pension. The supplementary pension is then the difference between that and pension for a pre-95 with similar service.
That’s how it works in my case.

Remember NSP is for a term, so it is apparently pro-rata if you terminate early. That aspect I still haven’t figured out, as I expect what I built up is what I get. So if I have accrued 5 years of an 8 years NSP and decide to go, I only get the 5 years.

 

[DingDing]

Also if you retire early, the NSP may be actuarily reduced. In my case I am buying some notional servise WRT 60 and another batch WRT 65. If I go before 65 I will he hit twice. The acturial reduction before 65 and you wont have also made all the payments you set out to make.

Also important to note that the core system pension modellers are not correct (in my organisation anyway) if you are purchasing pension WRT 65, and you have not purchased it all yet, or indeed will get an actuarial reduction on it as well. You just need to be careful.