How can I pay more to increase my benefits?
Most of us look forward to a happy and comfortable retirement and in order to have that little bit extra during your retirement years you may wish to consider paying extra contributions, which are a tax efficient way of topping up your income when you retire.
There are a number of 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 LGPS pension (but not if you are in the 50/50 section)
- Additional Voluntary Contributions (AVCs) arranged through the LGPS (in-house AVCs)
- Free Standing Additional Voluntary Contributions (FSAVCs) to a scheme of your choice
- Contributions into a personal pension plan or stakeholder pension scheme
Are there any limits on how much I can pay to increase my pension benefits?
I am already buying extra membership and/or paying ARCs. Can I buy extra benefits?
- you are buying extra years of LGPS membership (added years) under a contract to do so which you entered into before 1 April 2008, and/or
- you are purchasing additional pension through an Additional Regular Contribution (ARC) contract which you entered into before 1 April 2014 paying ARCs
you can still pay Additional Pension Contributions (APCs) to buy extra LGPS pension (APCs) up to a maximum of £7,352 (including any additional pension being bought by ARCs) and/or pay Additional Voluntary Contributions (AVCs) or Free Standing AVCs (FSAVCs), or contribute to a concurrent personal pension plan or stakeholder pension scheme, if you wish.