Added years.

[Wullie10]

Checking my RMSPS statements section C member for 2021 and 2022.
2021 statement. Start date Feb 1989 up to April 2021 Total Sevice 26 years 215 days.
2022 statement. Start date Feb 1989 up to April 2022.
Total service 30 years 34 days.
So between 2021 and 2022 I gained almost 4 years service ????
I did buy added years many moons ago and I suppose this has something to do with the mixed up years. But it doesn't fill me with any confidence . The pension is massively complicated as it is.

[RobertT]

It used to be possible to buy added years in the final salary pension, which closed in 2008.

Anyone who was buying them at the time was allowed to continue until 2018, when that option was stopped.

So you bought those added years sometime between 1989 and 2018(depending on exactly when you started).

[Wullie10]

It used to be possible to buy added years in the final salary pension, which closed in 2008.

Anyone who was buying them at the time was allowed to continue until 2018, when that option was stopped.

So you bought those added years sometime between 1989 and 2018(depending on exactly when you started).

I didn't realise they continued till 2018. It gets even more complicated. No real indication what was paid in really.

[Wullie10]

I do apologise. I have found added years purchased between 2012 to 2018 349 days.how on earth did I miss that ? Added years before that are included In RMSPS benefits shown on a separate statement sent by Capita I suppose this will be on the one they send out before 60. So what could I get for 349 days pension ??? £2.50

[RobertT]

So what could I get for 349 days pension ??? £2.50

As a guesstimate and assuming you're full time, probably around £300-350.

So 4 added years is roughly £1,300.

[Wullie10]

[quote=Wullie10 post_id=1025017 time=1671825544 So what could I get for 349 days pension ??? £2.50

As a guesstimate and assuming you're full time, probably around £300-350.

So 4 added years is roughly £1,300.
[/quote]

Thank you Robert. I was being silly. . Added years and AVC would have been worth it in the end.

[RobertT]

Added years and AVC would have been worth it in the end.

I looked into buying added years back in the 1990's when I first took an interest in my pension, and was told I couldn't because I had the potential to actually work too many years.

I decided to join Bonusplan and then Flexiplan, because I realised the main RM pension on it's own wouldn't allow me to retire when I wanted to.

It's probably one of the best things I've done during my 30 odd years at RM, and was definitely worth it!

[NorthernBoy]

Buying added years was really good value, no wonder they stopped it. The old days of the pension were indeed the good old days.