I am buying back 10 yrs Notional service since Jan 2008 with a view to retiring at 60.
I assumed that the deduction would be calculated over a period of 10 yr but the HR letter states that it will terminate in Jan 2027 (19 yrs) @ 13.3% of net pensionable remuneration & 1.8% of pensionable remuneration.
Can you clarify is this correct ?
Also. I am divorced with 3 Children aged 23,19 & 18 what benefit if any, will they gain from my pension if I die after retirement age ?
Certainly not by comparison to basic public service superannuation, the cost of which has more than doubled for public servants in the last month....if you believe the pension levy is, in fact, a pension levy:http://www.askaboutmoney.com/showthread.php?t=104345