Can someone help me understand this quote for notional service

S

sfag

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"Periodic contribution 1.07% of gross salary + 0.15% of gross salary for one years service."

1. If I have to buy back 16 years service do I have to multiply that amount by 16 and pay that amount each year until I retire?

2. Also do you know if the spouse or children get a pension if I die before I retire (I am paying spouses and childrens contribution)

3. And does the spouse gets 50% of the pension after I retire in addition to my receiving the full pension.

thanks in advance.
 
Re: Can someone help me understand this quote for notational service

The price is always per year of missing service.

If you die in service, there is a death benefit. Not 100% sure how much, also not sure when the spouses pensions would be paid from.


3. No, the spouse gets a 50% pension if you die in retirement.
 
Re: Can someone help me understand this quote for notational service

thanks for that.
 
Hi this is usually worked out for you on your annual salary. Your gross is self explanatory, your net is your gross less twice oap yearly rate. This amount combined gives you the annual amount so divide this by 26.09 if paid fortnightly. That gives the amount for 1 year. You could either multiply the rates by 16 or the combined amount by 16 to get the actual amount. 16 years is a lot as notional service can be comparatively expensive.
 
On the spouse & children's your spouse and children would get benefits based on what your own pension entitlement would have been should you die in service. I have more specific details on this in work so I'll post them then.
 
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