When you review your Annual benefit statement you may want to think about increasing your pension. There are several ways to do this.
Added pension
Added pension is just what it says! The Added pension for classic, classic plus, premium and nuvos * booklet tells you about how it works. The added pension calculator nuvos will help you work out how much you want to contribute.
In support of the added pension booklet we have also provided a Frequently Asked Questions (FAQ) page
Civil Service Additional Voluntary Contribution Scheme (CSAVCS)
Provides retirement benefits on a money purchase basis in addition to those that you will receive from your classic pension.The Civil Service Additional Voluntary Contribution Scheme leaflet gives you more information.
CSAVCS providers:
- Sottish Widows Tel. 0800 0284419 www.scottishwidows.co.uk/civilservice [External website]
- Standard Life Tel. 0800 333304 www.standardlife.co.uk/civilservice [External website]
Equitable Life
Members must contact their pension administration. See Helplines. Please note that Equitable Life is closed to new members.
Stakeholder pension
You can, alternatively or in addition to the choices above, contribute to a stakeholder pension. The Stakeholder Pensions* leaflet gives a brief guide to this. There is no limit to the amount you can contribute, but the amount of tax relief is limited. You can contribute up to 100% of your salary or £3,600, whichever is the greater, and receive tax relief on your contributions, subject to the Annual Allowance.
We have chosen Standard Life as Stakeholder pension provider for the Civil Service and you will be able to contribute to this through the payroll or by direct debit. For more information telephone Standard Life’s helpline (0800 333304) or visit www.standardlife.co.uk/civilservice. [External website]
Alternatively you can go to a provider of your own choice but you won’t be able to contribute via payroll.
Added Years
It was possible, up to 29 February 2008, to buy ‘added years’ of service. If you have an existing added years contract and want to know more about it, please contact your pension administrator.
*Booklets and leaflets are also available from your pensions administrator- see under Pensions helpline for contact details