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Boosting NHS pension

I am thinking about whether I need to increase my pension contribution. How is this done? I understand there are two options: NHS additional pension (AP) or buying added years (AY)

It is no longer possible to take out new AY contracts to boost NHS Pension Scheme (NHSPS) benefits.

The options are to either purchase AP or to make additional voluntary contributions (AVCs) with one of the NHSPS-nominated providers.

AP provides government-backed inflation-linked guaranteed benefits, unlike the uncertain benefits from investment-backed options, such as AVCs, personal pensions and stakeholder pension plans.

You can buy AP in multiples of £250 (subject to maximum AP of £5,000 at either age 60 or 65) through regular and/or single contributions. There is an AP calculator at www.nhsbsa.nhs.uk/pensions where you can get a quotation.

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