What are the benefits?
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At retirement the total pension you have earned from the Cornwall Pension Fund will be increased by the amount of APCs purchased
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APCs are increased in line with the consumer prices index, from the date of the first contribution
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On late retirement (after the age of 65) your APCs contributions will be increased to reflect late payment
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APCs are payable without reduction if you retire under the grounds of ill health
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Some of your contributions may be exchanged for a lump sum
Points to consider
If you stop paying APCs before the end of the period originally specified:
- the additional pension will be reduced.
The additional pension you will receive is based on the additional pension originally applied for. This is multiplied by the number of monthly contributions actually made. Then divided by the number of monthly contributions you would have paid, had you continued to pay contributions to the end of the contract.
If you retire early (before normal pension age) a reduction will be applied to your APCs benefits to reflect early payment.
No additional pension benefits will be payable if you die in service.
If you reduce your hours you will continue to pay the same amount of extra contributions as you did before you reduced your hours.
If you die before taking your APC benefit, no benefits are payable to your dependants in respect of the additional pension bought by you.
