Increasing Benefits

You cannot increase your benefits within the LGPS itself, but you can pay into the in-house Additional Voluntary Contribution (AVC) arrangement. In addition, you may be able to pay contributions into a Personal or Stakeholder Pension Plan. 

All Local Government Pension Funds have an in-house Additional Voluntary Scheme (AVC) where you can invest money, deducted directly from your pay.  The City andCountyofSwansea Pension Fundhas chosen Prudential as its in-house AVC provider.

You pay into AVCs by making contributions directly from your pay. You decide how much you can afford to pay, up to a maximum of 50% of your allowance payments.

You can pay a percentage of your pay, so the amount will go up as your pay goes up, or you can pay a set amount. You can change the amount you pay at any time.

AVC funds should grow as they are invested and will be available, at retirement, to convert into an additional amount of pension, a tax free lump sum or a combination of both.

For more details about investing in an in-house AVC, please contact Prudential, who have a dedicated team to help you with any questions you may have with regard to AVCs. They may be contacted on 0845 607 0077 or alternatively, further information is available on www.pru.co.uk/localgovavc.

You can also pay in-house AVCs to provide additional life cover. Your LGPS membership already gives you cover of 2 times your career average pay if you die in office, but you can increase this or use it to provide additional benefits for your Survivors in the event of your death in office. This may be subject to satisfactory completion of a medical questionnaire.

Alternative Arrangements

You can also pay pension contributions to a Personal Pension Plan, a Stakeholder Pension Plan or a Free Standing Additional Voluntary Contribution (FSAVC) Plan at the same time as paying into the LGPS provided that your total contributions do not exceed 100% of your total taxable earnings.

You would choose the provider and make all the arrangements directly with them, not through the LGPS.