How can I increase my Benefits?
To increase the value of the benefits that you and your dependants receive, you may:
Make Additional Pension Contributions (APCs)
You can pay APCs to buy an additional annual pension up to the maximum allowable in accordance with the latest regulations. This can be by regular payment or by a lump sum. The additional contributions attract tax relief and the cost of the pension amount being purchased depends on your age, sex and length of your payment period (if purchasing through a regular payment). This purchase period must not go beyond your normal retirement age. Continue reading—–>
Make Additional Voluntary Contributions (AVCs)
You can pay Additional Voluntary Contributions into the fund’s nominated AVC provider (Standard Life). Her Majesty’s Revenue and Customs (HMRC) presently allow you to take 100% of your AVC pot as a tax-free cash lump sum. Continue reading—–>
Are there any other ways of increasing my Pension Benefits?
You may, if you wish, make your own arrangements to pay into a personal pension plan or stakeholder pension scheme, whilst also contributing to the LGPS. This is known as a concurrent pension. Continue reading—–>