This depends on if you’re an Officer or Practitioner member.
If you work full-time and have had no breaks in membership, you’ll purchase the full amount quoted on your contract.
If you work part-time, your contributions will buy additional membership in proportion to the part-time hours worked.
We cannot advise the value of Added Years purchased by practitioners until retirement.
The formula used to calculate the value of Added Years purchased is:
The number of years being purchased x the average remuneration = Added Years value.
The Added Years value is included as part of the dynamising in the year that the contract finishes.
If you reduce your hours, you'll still purchase the amount of Added Years you're contracted to buy. Reducing your hours will not reduce your purchase amount. By reducing your income, you'll reduce the pay credit you'll receive for the Additional Voluntary Contributions (AVC).
We'll look at the average remuneration from the start of the contract to the end. If you reduce your pay, your average remuneration will reduce.