Buying Back Years in 3rd Level IOT

J

Jay

Guest
I wonder if anyone can advise me on this matter. I have worked 2 years in a part-time capacity at an IOT and also 1 year in a temporary-whole-time post. I have been PWT for a few years now. During the part-time and the TWT year I did not pay any superannuation contributions. Therefore I'm wondering if it is possible for me to 'buy back' this service for pension purposes - which would allow me to retire a little earlier. I did sign up for AVCs to augment my retirement package but as I know, the benefits from this are uncertain in the extreme. At least with buying back service, you know that you will be getting a certain % of the 40 years clocked up.
 
Pension

Jay

It is not clear if you are still employed by the IOT. If you are, check with the pension people whether this previous service can be reckoned for supperannuation purpose and, if so, at what cost. This amount can usually be deducted from your salary over an agreed period of time.
 
Pension

Thanks for the reply whocares. I am still at the IOT. By the "pension people" do you mean "human resources dept" within the IOT or some other organisation? I will let you know how this goes.

best regards,
Jay
 
Pension

Talk to whoever in the IOT deals with employee's pensions
 
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