The top-up pension you buy will increase in line with inflation. This calculator uses the Prudential's Fund Guide for their AVC scheme has full details of the range of funds available and their charges. package, the maximum tax free cash, or anything in No responsibility is assumed by the Additional Voluntary Contribution (AVC) Calculator . Annual fund charges on most investment funds are now 0.1% lower. Annual fund charges on most investment funds are now 0.1% lower. Your AVCs. Employers. Remember, it is possible to take all of your LGPS AVC plan as a tax-free lump sum, subject to certain conditions, if you leave it in the LGPS and take it at the same time as your main LGPS benefits to provide a flexible retirement income – this is known as flexi-access drawdown. Your This form does not take account of any reductions that may apply due to early retirement before age 65 or any enhancements that may be awarded due to ill health. You can also pay AVCs to provide extra life cover. CC 2008. [email protected]. But my understanding is unless I transfer it out, I have to take my LGPS at the same time and this would result in penalties. You can elect to pay an AVC if you are in either the main or 50/50 section of the LGPS. Your future. £12 of lump sum. • Revised factors for AVC added pension (Scotland) • Revised interfund guidance (Scotland) • APC calculator moved to www.lgpsmember.org (Scotland) which need action by certain stakeholders. These are: If you are in the main section of the LGPS you can pay additional contributions to buy up to £7,316 of extra pension. Details on what the Local Government Pension Scheme (LGPS) means to you can sometimes be difficult to understand. Additional Voluntary Contributions (AVCs) When you save AVCs you build up a pot of money which is then used to provide additional benefits to your LGPS benefits. I would advise looking into shared cost avc if your lgps scheme provider supports these. provide a flexible retirement income. Calculators. Plus APC taken at 62.5 would be reduced for early payment, whereas AVC annuity then would just be calculated on age. You should not take any decisions based on these results. Salary Skip to content. From 2015, additional flexibilities for your AVC fund may be available before drawing your main LGPS pension, subject to the current HMRC tax and pension saving limits, when you began your AVC plan, when you leave the LGPS and when you take your main scheme benefits. Get a guaranteed income for life; You can buy an annuity – it pays you an income (a bit like a salary) and is guaranteed for life. Use the find out more buttons on the right hand side to find out how you can use the money in your AVC account. Welcome. If you have any comments or articles for future bulletins, please contact . With these arrangements, you choose a provider, usually an insurance provider and again, you need to consider their charges, alternative investments and past performance when you do this. 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