You can buy more pension, up to a maximum of £8,903, also known as Additional Pension Contributions (APCs). If you are in the main section the most you can currently buy is £8,344 of extra yearly pension which can be paid by an APC over a number of complete years or by paying a lump sum.
The cost to you depends on a number of factors. To find out how much extra you could save towards your pension at retirement and how much this will cost, use the ‘buy extra pension’ calculator.
Example 1 - James
James is 25 years old and wants to purchase an additional £1,000 of yearly pension for himself. He plans to spread the cost over 20 years.
This would cost him £51.70 a month (before tax relief) for 20 years, amounting to a total cost of £12,408.
Example 2 - Carol
Carol is 47 years old and wishes to purchase an additional £750 of yearly pension for herself. She intends to pay for this over 10 years.
This would cost her £103.43 a month (before tax relief) for 10 years, amounting to a total cost of £12,411.
