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I have an existing Past Added Years (PAY) election, what happens to it if I leave pensionable teaching employment?

April 26, 2017added election existing happens leave past pay pensionable Teaching

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I have an existing Past Added Years (PAY) election, what happens to it if I leave pensionable teaching employment?

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A. You have 3 months after your last day of service to clear any outstanding contributions unless you are retiring in which case the outstanding contributions should be paid before you receive your retirement lump sum. Alternatively you can accept a service credit based upon the contributions you have already paid. Q. I am paying contributions currently under the Current Added Years (CAY) provisions. I am returning to pensionable teaching soon but then expect to leave again in the future. Will I be able to make another CAY election? A. No, the CAY provisions ceased when the Scheme changes were introduced although existing elections continue to be honoured.