You are credited with the extra pension that you have paid for. The extra pension increases the value of your retirement benefits. If you leave before you have completed the payment, you are only credited with part of the extra pension.
You can choose to exchange some of the extra pension you have bought for a lump sum in the same way as your main LGPS pension.
We must use factors provided by the Government Actuary’s Department (GAD) for calculations. These factors can change from time to time.
Ill health
If you are paying APCs when you retire, and you qualify for the type of ill health pension where your benefits are based on enhanced pension, you are credited with all the extra pension that you set out to buy. This is even if you have not completed full payment for it.
Early retirement
If you choose to retire early and take your benefits before normal pension age, the extra pension you bought is reduced for early payment.
Redundancy or business efficiency
If you are retired on redundancy or business efficiency grounds, the extra pension you bought is reduced for early payment.
Flexible retirement
If you take your benefits on flexible retirement, you can if you wish, take all the extra pension you have paid for too. It is reduced for early payment. If you choose to take the extra pension on flexible retirement, your APCs contract ceases. You can take out a new APC contract.