Additional service that a member of the Fund can buy by paying extra contributions to the Fund providing that Inland Revenue limits on pension and contributions are not exceeded.
A type of Additional Voluntary Contribution which enables you to 'buy' extra years of service to enhance your final salary scheme. This means that your years of service with your employer can be increased to give you a bigger pension based on your final salary. back
A pension term. Some final-salary pension schemes allow members to top up benefits through buying extra years of service. Employees get a good deal because the employer gives a guaranteed benefit and takes the investment risk.
Where additional benefits can be bought by employees by making voluntary contributions. Effectively the number of years service is increased, thus increasing the final scheme pension.
The provision of extra benefits by reference to an additional period of pensionable service in a defined benefit scheme, arising from the receipt of a transfer payment, the paying of AVCs or by way of augmentation.
Additional benefit purchased in a final salary related occupational pension scheme by way of transfer-in, additional voluntary contribution(s) or augmentation, and which is expressed in the form of additional years of service.
A number of years added to the service of a member of a pension scheme where each year gives entitlement to a fraction of pension and the member has either been credited with service with a previous employer or has paid additional voluntary contributions.
This is when a member of a defined benefit pension scheme becomes entitled to extra pension benefits because: a transfer payment has been made by another scheme; an additional voluntary contribution has been paid; or the member's pension benefits have been improved by the employer or the pension scheme (or both).
A facility that may be available within your main scheme, which allows you to purchase extra years of pensionable service by paying Additional Voluntary Contributions. The benefits provided from Added Years are normally based on the same formula as would be used to calculate your pension benefits from the main scheme.
In private sector schemes this means the provision of extra benefit by adding a period of pensionable service in a defined benefit scheme, arising from the payment into the scheme of a transfer value, the payment of additional voluntary contributions, or by way of augmentation. The term may have different meanings in the context of public sector schemes.