If you are a member of the Local Government Pension Scheme (LGPS), you can increase your pension in a number of ways. One of the ways is Additional Voluntary Contributions (AVCs).
We have recently introduced Shared Cost AVC. This is a more tax efficient way of saving for your pension.
Shared Cost AVCs are still with Prudential but are a cost-efficient way to top up your pension pot. The change is having the deduction as a salary sacrifice. This means a £100 contribution will only cost a basic rate taxpayer £72.08. (This is a basic rate saving displayed as a guide. Basic rate assumes an individual paying 20% Income Tax and 8% National Insurance contributions.)
Not only will you benefit from Income Tax and National Insurance contribution savings, you’ll also have the option to change your contribution amount as and when you need to.
My Money Matters
My Money Matters will be responsible for managing and administering this new benefit and the standard AVC scheme for us.
The scheme is provided through an online platform. You can create an account on My Money Matters and sign up to webinars to explain the Shared Cost AVCs.
Disclaimer
My Money Matters offer a suite of other products and services on the online platform. However, it is important to highlight that the Bracknell Forest Council partnership with My Money matters is solely for Shared cost AVCs. Additional products are not endorsed, researched or supported by the council. Should you decide to use any of the additional offerings, the council assumes no liability.