Purchase/Transfer of retirement benefits -single scheme pension

[Nuge19]

Hi, Would anybody have an insight to how the purchase of retirement benefits with the single scheme works. I see it is now an option since 1 october 2019.
In my case anyway, im on fast accrual as part of uniformed sector who has to retire at 55. Im currently 39 and will only have 19 yrs service at retirement, so need to boost pension pot.
I have an AVC thru cornmarket to reach max tax free lump available on retirement, but does anybody know if its a viable option to purchase benefits on this scheme to increase pension which i estimate will only be 9kPa .
Appreciate any help.

 

[AhComeOn]

Hi OP. Not an expert on this by any stretch, but check out the circular as a stating point:
here

Its a difficult enough read, but some of the key points:

• You must have completed vesting period (2 years)
• You can purchase once per year, each year
• you can choose to purchase additional pension or lump sum
• benefits will be CPI linked
• Benefits are purchasable until total pension is less than 50% of pensionable pay. I think this includes state pension.

So by my read of it, it looks like (50% of salary) - state pension - (pension earned + future pension earnings) = Purchasable amount.

The tables set out the cost per € of benefit purchased. I think the relevant table for you would be table 7.

The tool should help you work it out:
[broken link removed]

edit: spelling