Over 55? Use AVCs to secure your retirement

3 coin stacks with plant growing out of them
A woman holds a jar of coins in her hands with green shoots growing from the top

For LGPS members who have retirement on the horizon, now is the time to start thinking about how to secure your financial future and enjoy the retirement you deserve. Shared Cost Additional Voluntary Contributions (Shared Cost AVCs) can help you make every payday until your retirement count, and is a valuable and cost-effective opportunity to invest in your life and plans after work.


Every payday without a Shared Cost AVC plan is a missed opportunity to build a secure future. Here’s how Shared Cost AVCs could benefit you:


  • Contributing £100 will cost a basic rate taxpayer £72.08*, an immediate saving of £27.92 before it’s invested
  • It’s not too late to start – contributing £100 per month for the next decade could leave you with £13,974.14 in your pot, and only cost you £8,649.60, thanks to the available Income Tax and National Insurance contribution savings†
  • Even better news, when you do retire, you have the option to take your pot back as a tax-free lump sum


Man placing coin in pink piggy bank

Ready to find out more? The My Money Matters Financial Education Coaches are on hand to support you at their webinar, titled ‘Over 55? Avoid retirement regret’

July 11th 12:00

July 16th 14:00

July 18th 10:30

To book your place onto a session, please visit My Money Matters and log in or register.

Don’t delay, apply or amend today. Complete your application or top up your plan

*Basic rate savings are displayed as a guide only. Basic rate assumes an individual paying 20% Income Tax and 8% National Insurance contributions. The actual savings will depend on your personal circumstances and investment fund performance, which is invested by your Shared Cost AVC provider.  

†Figures are for illustrative purposes only. The figures shown are only estimates based on limited assumptions and assume a net assumed growth rate of 3%. They do not include the impact of inflation and are not guaranteed or a personal recommendation. 

 ‡Please note, you can take all or part of your Shared Cost AVC plan as a tax-free lump sum as long as you take it at the same time as your main scheme benefits, and it does not exceed 25% of the combined value of your plan and your main scheme benefits. There are also alternative options to choose from when it comes to taking your benefits. These options could include drawdown, buying an annuity,

taking the pot in one lump sum (subject to Income Tax) or taking ad hoc withdrawals. Contact your pension scheme or your financial advisor to know more about these options. 

If you take your main scheme early there might be reductions to your LGPS benefits.   

You should consider your affordability before making or amending your Shared Cost AVC plan. Please speak to an independent financial adviser if you require financial advice. Shared Cost AVCs are available to active LGPS members only. You will need to consider what investment product is suitable for you.    

A Shared Cost AVC cannot be accessed until age 55, rising to age 57 from 2028.  

A Pension is a long-term investment, the fund value may fluctuate and can go down. Your eventual income may depend upon the size of the fund at retirement, future interest rates and tax legislation. 

 Tax treatment is based on individual circumstances and may be subject to change in the future.  

Information is based on our current understanding of taxation legislation and regulations. Any levels and bases of and reliefs from taxation are subject to change.  

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