All Local Government Pension Funds have an in-house Additional Voluntary Contribution Scheme (AVC), the Cardiff and Vale of Glamorgan Pension Fund AVC providers are Prudential. If you decide to pay AVCs the money is paid directly from your pay, so you will receive income tax and National Insurance relief. Your AVC contributions are invested every month until your chosen retirement date. When you retire you will have the option to convert your AVC fund into either:
- additional pension
or
- tax free lump sum – subject to HMRC limits
or
- combination of both
After all statutory deductions have been made, you can contribute up to 100% of your monthly allowance into your AVC fund.
You are also able to amend your contribution rate and your investment fund choice as many times as you like – to make these change please ring Prudential on 0345 600 0346 Monday to Friday between 8.30am and 6pm.
What if I started paying AVCs on or before 31 March 2014?
Your AVC contribution cannot exceed 50% of your monthly pay, after all statutory deductions have been made.
For further information you can visit the Prudential website or you can call them on:
- 0800 032 6674 – to talk to them about start paying AVCs
- 0345 600 0343 – for all general enquiries such as increasing or decreasing your contribution
HMRC
If you have any questions relating to your personal tax or National Insurance in relation to your pension you can find information here.
Pensions Advisory Service
Government service offering free, impartial guidance about pensions.
What’s available?
Online information and tools, online chat, telephone helpline, personal appointments.
Need an Independent Financial Advisor?
Request a document in an accessible format.