ADDITIONAL VOLUNTARY CONTRIBUTIONS

 

 

All local government pension funds have an in-house Additional Voluntary Scheme (AVC) where you can invest money, deducted directly from your pay, through an AVC provider. Merseyside Pension Fund has a choice of two current providers: Standard Life or Prudential, and one provider which is now closed to new contributors: Equitable Life. AVC funds should grow as they are invested and will be available later in your life to convert into; an additional pension of your choice, a tax free lump sum or a combination of both.

 

 

 

You decide how much you can afford to pay, up to a maximum of 50% of your earnings in each job where you pay into the LGPS.

 

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You pay into AVCs by making contributions directly from your salary. You can pay a percentage of your pay, so the amount will go up as your pay goes up. You can if you wish, pay a set amount.

 

You can change the amount you pay at any time.

 

For more details about investing in an in-house AVC and to receive a quotation, contact the Fund's Additional Benefits Advisor.

 

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You can also pay in-house AVCs to provide additional life cover. Your LGPS membership already gives you cover of THREE times your pay if you die in service, but you can increase this or use it to provide additional benefits for your dependants in the event of your death in service. This may be subject to satisfactory completion of a medical questionnaire.

 

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Your employer can contribute to your in-house AVC scheme at their own discretion. This is known as a shared cost AVC arrangement. The Shared Cost AVC facility is NOT available to councillors.