Active
Deferred
Retired
Why do I have to have a medical?
If you should retire for ill health reasons, your extra pension may be paid in full even if you don't finish paying for it. For this reason, we need to know that you are in reasonably good health and unlikely to retire on ill health grounds (or die) before age 65.
You must pay any costs charged by the doctor.
When can I start paying?
You can start to buy extra pension at any time up to your 64th birthday.
The cost per month is worked out using your age at the date the contributions start. This can take some time to arrange, so the actual cost you will pay each month will depend on how old you are when you pay your first contribution.
How long do I have to pay for?
The minimum length is one year. As payments must be completed by age 65, the maximum length will depend on how many years you've got to go before you are 65. The longer you pay, the smaller the monthly contribution will be.
Can I make a lump sum payment?
No. However, you can choose to just pay extra contributions over one year.
Do I get tax relief on these extra contributions?
Yes, if you pay tax. Your extra contributions are deducted before your tax is worked out, so you pay less tax.
Could the payments change?
Yes, they could. The Actuary may change the rates at any time. The rates are currently under review to take account of the new index the scheme uses to increase pensions and it is possible the change could be backdated. This will affect members already buying extra pension and those who haven't started yet. If this happens, we will let you know.
Will the extra pension I buy go up in value?
Yes. Although each block is worth £250 of extra annual pension when you start paying, this amount will increase in line with inflation - both before and after you draw your pension.
If I choose to buy some extra pension now, can I buy some more in the future?
Yes, as long as the total amount of extra pension you are buying isn't more than £5000 and your extra payments can start before you are 64. Remember the cost for any more pension you buy will be worked out using your increased age.
Can I stop paying before I should?
Yes you can. You will get the proportion of extra pension you were buying, based on how long you actually paid for and how long you should have paid for. Please note that you wouldn't be able to restart these contributions on the same terms, but you could consider starting a fresh one if your extra payments can start before age 64. Remember the cost per month for any more pension you buy will be worked out using your increased age.
If you choose to buy more than one block of extra pension now, but decide later on that you want to cancel one (or more) of them (but carry on paying for the rest), we don't know if this will be possible. We're waiting for further guidance.
What happens if I leave or retire before I've completed my payments?
Unless you retire for ill-health reasons and qualify for an enhanced pension, you will get the proportion of extra pension you were buying, based on how long you actually paid for and how long you should have paid for. It is not possible to pay a lump sum to WYPF to finish off your payments.
If you retire for ill-health reasons and qualify for an enhanced pension, then in most cases we'll pay the extra pension as though you have completed all the payments, and the extra pension will be paid in full along with your other scheme benefits.
When can I draw my extra pension?
Your extra pension will be paid at the same time as we pay your normal pension.
What happens if I draw my pension before age 65?
If you draw your WYPF pension before age 65 then the extra pension will be reduced to take account of the early payment, unless you qualify for an enhanced ill health pension. The nearer you get to age 65, the smaller the reduction will be. This reduction applies on top of any adjustment made if you leave or retire before you've finished paying for your extra pension (see above).
. Please note: The reduction for early payment before age 65 does not apply to any dependants' cover you may have chosen to pay for.
What happens if I draw my pension after age 65?
The amount of your extra pension will be increased to take account of the late payment.
. Please note: The increase for payment after age 65 does not apply to any dependants' cover you may have chosen to pay for.
On retirement, can I give up some of my extra pension to buy lump sum?
Yes you can. When you retire we will work out the maximum lump sum you can take and how much pension you would have to give up for this.
. Please note: Giving up pension for lump sum does not reduce any dependants' cover you may have chosen to pay for.
If I choose to include dependants' benefits, on death what extra cover does this give?
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Extra pension for your spouse, civil partner or nominated co-habiting partner. This would be based on 37.5% of the rate of additional pension that would be due to you; PLUS:
- Extra pension for eligible children. This would be based on 18.75% of the rate of the additional pension that would be due to you if there is one eligible child OR 37.5% if there are two or more eligible children (the value being shared equally between the eligible children). But see note below*
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