Can I pay in more?
Yes. You can boost your retirement benefits in several ways:
- Additional Pension Contributions (APCs) to buy extra LGPS pension
- Additional Voluntary Contributions (AVCs) through the LGPS
- Free-standing AVCs with a provider of your choice
- Contributions to a stakeholder or personal pension plan
You’ll usually get tax relief on contributions you pay to a UK pension scheme, subject to HMRC limits.
As an elected member, your scheme employer can’t contribute to any of these options.
AVCs
Some scheme employers offer a salary sacrifice scheme for shared cost AVCs. If they do, you can save on tax and National Insurance. Your scheme employer pays less National Insurance too. They can’t pay in more than the amount of salary you give up.
Check with your scheme employer to see if they offer salary sacrifice shared cost AVCs.
You may want to get independent financial advice before deciding to pay extra.
To apply for AVCs, contact Prudential on 0345 600 0343 (Monday to Friday, 8.30am to 6pm) and ask for an application form.
If you’re a member of Northamptonshire Pension Fund, you can also apply through Standard Life on 0800 634 7479. Their opening hours are:
- Monday, Tuesday, Thursday, and Friday: 9am to 5pm
- Wednesday: 10am to 5pm.
