Shared Cost Additional Voluntary Contributions (SCAVCs)
The Shared Cost AVC Scheme can help Local Government Pension Scheme (LGPS) members make savings on their additional voluntary contributions (AVCs).
Through this scheme, you receive income tax savings in addition to National Insurance contribution savings as the deductions are operated under a salary sacrifice arrangement.
Please note, this scheme is not available to elected members due to legislation contained within the Councillors Local Government Pension Scheme.
My Money Matters facilitate the administration of this benefit on our behalf. To participate in the scheme register or login to your employee benefits platform and click on the My Money Matters icon. Once you have registered with the My Money Matters platform you will have access to a salary sacrifice online calculator, live webinars and a dedicated customer service team on hand to assist you with any queries you may have.
As this is a salary sacrifice scheme please ensure you have read the terms and conditions and FAQs before signing up for this benefit to ensure this is the right option for you.
Scheme documents
- SCAVC Terms and Conditions (PDF, 69 KB)
- SCAVC FAQs (PDF, 269 KB)
- Guide to logging in to the My Money Matters website (PDF, 373 KB)
Additional Voluntary Contributions (AVCs)
The AVC Scheme can help LGPS members save money for their retirement. Through this scheme you receive income tax savings.
AVCs are a way to save money for your retirement by building up a new separate pension pot in addition to your Local Government Pension Scheme pension. The size of your AVC pot will depend on how much you pay in, how long you pay in for, the impact of costs, charges and how well the fund(s) you invest in perform.
The Council, as your employer, cannot contribute to your AVC pot. If you're a tax-payer, you will benefit from tax savings as any regular contributions made into an AVC pot are taken from your salary before tax. Tax savings will depend on your individual circumstances and rules can change.
You can pay AVC contributions regularly or as a lump sum, and you can also change your contributions at any time - you choose how much to pay in AVCs and how they are invested. The money will come straight out of your salary and go to the AVC provider who will invest it for you.
If you leave the LGPS, your AVC payments will stop and your AVC plan will remain invested. You are normally only able to take your AVC benefits at the same time as you draw your main LGPS benefits.
Local Government Pension Scheme (LGPS)
The Tayside Pension Fund is part of the LGPS, and is administered by Dundee City Council. This scheme allows you to make AVCs through two independent providers: Prudential or Standard Life. You may wish to consider whether Shared Cost AVCs (SCAVCs) may be more appropriate for you. SCAVCs are available through Prudential and, as this is a salary sacrifice agreement, there are potential tax and NI contribution savings.
Teachers
Prudential | Teachers' AVC Pension is the official provider of Teachers' AVCs to the Scottish Teachers' Pension Scheme and their scheme is designed with teachers in mind.
Learn more about AVCs and Shared Cost AVCs
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