Date posted: 14/07/2003
Issue: This is a reminder that contribution rates for added years must be revised when conditioned hours change.
Action: This Notice will be of particular interest to:
- HR staff who deal with members buying added years of service to go towards their pension benefits
- Payroll sections
Timing: Normal course of business
- APACs calculate the contribution rates for each added years contract taken out. The percentage rate remains constant unless there is a change in the number of conditioned hours that the member works. The percentage contribution rises if a member reduces their conditioned hours, and reduces when a member increases their conditioned hours. Part-time members have to pay an increased percentage contribution relative to the level of someone who is full-time. This is because they are buying added years of full-time service.
- You should notify their APAC immediately, if there is a change to a member’s conditioned hours of service, so that the added years deductions may be recalculated. You must then notify the payroll section, and the member, of the revised amount of pay and rate of contributions for added years.
Enquiries about content:
Enquiries about distribution of EPNs: