Local Government Superannuation

[liz cole]

having worked part-time for 25 yrs.have now been offered a chance to join superannuation scheme,but must pay back years sevice in monatery terms in the region of 16,000 e. in order to get pension when retired plus a small lump sum. or just get a lump sum if i do not join the scheme,which is the best option

 

[3CC]

In simple terms you will be paying 16k and buying back 25 years service. You need to check this with your HR section but as ar as i know this will entitle you to 25/80 (or 31.25%) of your salary as a pension for the rest of your life when you retire PLUS 3 times that amount as once off lump sum on retirement. So multiply this out by your current salary and see if it is worth it.

The fact that you were working part time might complicate this question and bit so you really need to talk to HR on this for the full story.