What is Interest on Contributions?

The Interest in contributions depends on which legacy scheme an officer belonged to, this due to the difference in contributions rates in both legacy schemes plus interest.

1987 legacy members need to decide whether to pay the adjustment plus interest minus tax relief within three months of receipt of the ABS-RSS or defer it to another annual statement event or to retirement.

2006 legacy members need to decide whether to take the adjustment or leave it on account.

PFEW is still exploring all avenues of challenge with regard to the interest that will be levied on contributions owing.