If you are paying AVCs you can register for Prudential's online self-service facility - 'My Pru'.
Guidance on increasing your pension.
You can pay additional pension contributions to the in-house AVC scheme as run by The Prudential Assurance Company.
You can pay a monthly contribution and choose how you would like your contributions to be invested.
AVCs are invested separately from the main LGPS Fund and a number of investment opportunities are available to you.
AVCs are deducted through payroll and you therefore receive tax relief automatically on the contributions you pay at your marginal rate. This means that your LGPS contributions and your AVCs are deducted from your gross pay before income tax is calculated.
Deductions commence from the next available payday following your election to pay AVCs and you can vary or cease payment at any time whilst you are contributing to the LGPS. If you leave local government employment and transfer your LGPS benefits to another scheme you can also normally transfer your AVC fund as well.
At retirement you will have a number of options available to you:
You can use an online calculator to find out the maximum AVC fund value that you could take as tax-free cash:
If you are a member of the LGPS who is or was, paying AVCs and the contract to pay those AVCs started before 1 April 2014, you will see some changes to the way your AVCs are calculated and how you can take your AVC plan.
If you are currently paying AVCs:
For information about the other ways you can use your AVC plan see the national LGPS website
You can access register for the 'My Pru' online service:
Register for 'My Pru'
If you have already registered for 'My Pru' you can log in to your existing account:
'My Pru' account login
For general AVC enquiries please visit https://www.pru.co.uk/rz/localgov/
An annuity is an amount of additional pension benefit. If you choose to purchase an annuity via the Prudential we would contact the Prudential and arrange for them, along with their third party provider, HUB Financial Solutions, to contact you with details of the Annuity Pension options they are able to offer you. Of course, you can instead choose to independently find your own open market annuity provider. You can choose the type of pension that best suits your needs e.g. a flat-rate pension for yourself or one that increases each year, or perhaps a pension that will include a survivor's pension for your spouse or partner in the event of your death.
Annuities are subject to annuity rates that in turn are affected by interest rates.
You may be able to take 100% of your AVC Fund without incurring a tax charge subject to HM Revenue & Customs limits.
If you have previously contributed to a free-standing AVC plan you may be able to transfer the accumulated FSAVC Fund into your in-house AVC Fund or even into the LGPS.
In December 2016 the DWP released new regulations regarding the level of exit charge allowable to members over the age of 55. As a result, the exit charges should change as follows:
Under current regulations, an exit charge is applied to members who take their benefits within the first three years of making their contribution to their AVC. From 19 March 2017, this regulation changed as follows:
If you are paying AVCs you can register for Prudential's online self-service facility - 'My Pru'.