Additional Pension Savings

There are four ways in which you can increase your retirement benefits by paying extra contributions. You can:

    • Purchase additional pension;
    • Pay Additional Voluntary Contributions (AVCs) through the Prudential;
    • Pay Free-Standing Additional Voluntary Contributions (FSAVCs);
    • Pay into a stakeholder pension.

In certain circumstances you can also choose to pay extra contributions to increase the amount of family benefits your dependants may receive.

You can get tax relief on your additional contributions. If you make a lump sum payment you should contact Her Majesty’s Revenue and Customs (HMRC) for information on tax relief.

Purchasing Additional Pension

You can purchase additional pension that is paid separately from your STSS benefits. When you retire your retirement benefits will be index-linked.

The cost of purchasing additional pension depends on your age and the amount of additional pension you wish to receive.

There are two ways you can pay for additional pension:

    • By having deductions from your salary; or
    • By paying a one off lump sum.

If you would like an estimate of how much Purchasing Additional Pension would cost, you may find this Additional Pension Calculator useful.

To apply to Purchase Additional Pension please complete the application form STSS: (APB PRE)

Link to Scottish Government Website