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Earlier Qualification for Benefits Calculations


Example 1a Member aged 24 next birthday wishes to purchase Early Qualification for benefits by single payment on joining. Salary at date of application £21692.00
Cost as per table 4.58 per £1000
Calculation 4.58 x £21692.00 / £1000.00

Single payment cost is £104.12(can be deducted from monthly salary)

Example 1b Same member wishes to pay by monthly deductions from salary over a 5 year period
Cost as per table 0.08%
Calculation 0.08% x £21692.00/12

Monthly payment cost to be deducted from salary £1.45 (cost will increase as earnings increase in the 5 year payment period)



Example 2a Same member wishes to purchase Early Qualification for benefits by single payment having received 2 years additional service in respect of a transfer value from a previous employment. Period for which contributions are due is reduced to 3 years as a result of the transferred in service.
Cost per table 4.58 per £1000
Calculation 3/5 x 4.58 x £21692.00 / £1000.00

Single payment cost is £59.61(can be deducted from monthly salary)

Example 2b Same member wishes to pay by monthly deduction from salary over the remaining 3 year period
Cost per table 0.08%
Calculation 0.08% x £21692.00/12

Monthly payment cost to be deducted from salary £1.45(cost will increase as earnings increase in the 3 year payment period.