I am at present seven years in to a thirteen year contract to purchase five years of notional service, by periodic payments. My intention was to retire at sixty, fulfilling the thirteen year contract with five years purchased. However, it looks like I will have to retire early due to ill health, leaving me with reduced number of years (roughly two) purchased, which will also be actuarially reduced.
Would it be possible to purchase extra years by lump sum at retirement, even though they will be actuarially reduced, to make up the five years I was initially allowed to purchase?
Regards
Would it be possible to purchase extra years by lump sum at retirement, even though they will be actuarially reduced, to make up the five years I was initially allowed to purchase?
Regards