Situation is this.
After recent case law and tribunal decisions, part time lecturers at colleges of further education were granted the right to purchase a pension entitlement for past service during which they were prevented from joining the Teacher's pension scheme
Someone I know is in this position. All the basic numbers, salary, years of service etc. have been agreed by both sides. The college has now given a figure for purchasing the pension entitlement which is
214% more than would have been paid at 6% of salary (the rate in force during the period in question).
I realise that the question of interest needs to come into the calculation, but 214% seems inequitable and far in excess of any reasonable or fair sum.
Question is this. Are there any guidelines or does anyone know of any precedents or authorities which could be used to argue this, either with the pension provider or with an oversight body capable of making a different ruling?
Usual TIA
RB __