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There are several ways you can provide extra benefits on top of the benefits you are already looking forward to as a member of the LGPS.
You can improve your retirement benefits by paying:
- Additional Pension Contributions (APCs) to buy extra pension (but not if you are in the 50/50 section)
- Additional Voluntary Contributions (AVCs) arranged through the Fund AVC provider Legal & General
- Free Standing Additional Voluntary Contributions (FSAVCs) to a scheme of your choice
- Contributions into a stakeholder or personal pension plan
Additional pension contributions (APCs)
If you are in the main section of the Scheme, you can pay extra contributions to buy up to £8,344 of annual pension for 2023/24. Any extra pension you buy is added to your LGPS pension. You can pay for this extra pension by regular contributions from your pay or by paying a lump sum.
You can find out more about Additional pension contributions (APCs) in our Buying extra or lost pension section.
In-house additional voluntary contributions (AVCs)
Additional voluntary contributions (AVCs) allow you to pay more to build up extra savings for your retirement. In-house AVCs are invested separately in funds managed by our in-house AVC provider Legal & General.
You can find out more about Additional voluntary contributions (AVCs) in our Building extra savings section.
Freestanding additional voluntary contributions (FSAVCs)
These are similar to in-house AVCs but they are not linked to the LGPS or the Fund in any way and you will need to make these arrangements yourself. With FSAVCs, you choose a provider, usually an insurance company. You may want to consider their different charges, alternative investments and past performance.
Personal or stakeholder pensions
You can pay into a personal pension plan or stakeholder pension scheme at the same time as paying into the LGPS. You need to consider charges, alternative investments and past performance when you choose a provider.
It is advisable to get financial advice before taking out any form of additional pension savings.
Are there any limits on how much I can pay?
There is no limit on the amount of pension contributions you can pay. You will only get tax relief on:
- contributions up to 100% of your UK taxable earnings
- up to £3,600 if your earnings are below £3,600
There are HM Revenue and Customs limits on the pension savings you can have before you have to pay extra tax. Most people will not be affected by these limits but if you are considering paying additional contributions you should be aware of them. You are more likely to be affected if you are a higher earner or if you pay a large amount of extra contributions in a year. Find out more about the tax rules which could affect your pension.