Addplan
Addplan is an "Added Years" facility which has operated alongside the build up of final salary benefits and has allowed members to purchase increased benefits on an identical basis.
As the Plan is not a final salary scheme for service from 1 April 2008 the offer of Added Years on a final salary basis was discontinued from that date. However, final salary Added Years arrangements already entered into will continue to be honoured. Other new Added Years arrangements, and increases to existing Added Years arrangements, will not be permitted. It is not possible to decrease contributions to Added Years arrangements, although contributions can cease, whereupon a proportion of the Added Years would be granted based on the contributions actually made. Once an Added Years arrangement has ceased, it cannot be restarted.
Please read the information on the other AVC options available: Flexiplan and Bonusplan.