Table of Contents
What are Additional Voluntary Contributions (AVCs)?
AVCs provide an opportunity for employees who are members of the LGPS to pay additional contributions to increase their pension benefits at retirement.
AVCs are an efficient way to save for retirement because they attract full Income Tax relief through your payslip, provided your income is sufficient to pay tax, and you are also subject to certain overall limits set by HMRC. Please see Q11 for further information.
If you choose to pay AVCs, the additional contributions are invested separately in your choice of fund(s) which are managed by the AVC provider (Prudential). The funds should, hopefully, grow over time and will be available at retirement to convert into an additional pension of your choice or, subject to certain limits, a tax-free lump sum, or a combination of both. Any interest, income or capital gain earned on the AVCs is free from tax while the money is invested in your plan.
How can I find out more?
To find out more you can join one of the live webinars being run for employees of Argyll and Bute Council by booking at the following link www.avcwise.co.uk/book. Register with the portal and then click on events to find a date and time suitable for you.
Can I see an example of how it works?
The amount you save will depend on the amount of salary you choose to put in and the rate at which you pay Income Tax and NICs.
On joining the scheme, your basic gross salary will be reduced by the amount you have chosen to put in, and the Council will pay the equivalent sum to your AVC fund.
The advantage is that you do not pay tax or NICs on the amount that you have chosen to put in.
To get a better idea of what you could potentially save register on AVC Wise website (AVC Wise | Knowledge Hub) and click on “Use our Calculator” in the Knowledge Hub. You will need to your salary and tax code which can be found on MyView (link) in your payslip.
How do I Join?
STEP 1. Go to https://www.avcwise.co.uk/register
STEP 2. You will receive an email from AVC Wise titled ‘Confirmation Instructions’. Click on the link in the email ‘Confirm my account’.
STEP 3. Sign in to AVC Wise to enter your Employee Portal. Read the FAQs and Terms and Conditions and scroll down to the bottom of the page.
STEP 4. If you are a member of the LGPS but don’t currently have an AVC plan with your employer, select ‘NEW SHARED COST AVC SCHEME APPLICATION’.
If you currently pay standard AVCs, select ‘CONVERT TO SHARED COST AVCs’.
STEP 5. Complete the form with the information required and submit your application by clicking the ‘Submit’ button. Your application will be processed, and you will be notified when this has been completed.
If you have any queries about the application process or the Shared Cost AVC scheme, please contact the AVC Wise Customer Service Team to discuss. Call 01252 959779 or email support@AVCWise.co.uk
What if I am already paying AVCs through my salary?
You should have received an email on 23 August 2022 from the Employee Relations Team explaining about the change and advising you to register to attend the existing AVC member webinar on 5 September 2022, 12.30-1.30pm.
If you can’t attend this one there are other webinars to choose from.
Please book your place at www.avcwise.co.uk/book. Register with the portal and then click on events to find a date and time suitable for you.
I have registered with the AVCWise website/signed up for a webinar but I haven’t had an email to confirm?
Please check your “junk” mailbox as we have been experiencing some issues with emails going into junk rather than the main inbox. IT are aware and are working on a resolution.
Why can I not see my contributions on My Prudential Online?
My Prudential Online can take up to 3 months to show your contributions.