Can I pay more?
If you want to make additional pension savings to increase your pension benefits, there are two ways to do so. These are additional voluntary contributions (AVCs) and additional pension contributions (APCs).
Please be aware if you're thinking about making additional pension contributions, you don't go over the annual allowance and lifetime allowance tax limits. For more information visit the page on tax and pension benefits.
Additional voluntary contributions (AVCs)
AVCs allow you to pay more to build up extra savings for retirement. Shropshire County Pension Fund’s ‘In-House’ AVC provider is Prudential. To find out more about AVCs, please visit their website.
You can also call The Prudential Retirement Specialist Team on 0800 028 1493. They can’t give you advice but they can give you more information, chat to you about your personal situation and help answer questions you may have about AVCs.
Additional pension contributions (APCs)
You can buy extra pension by paying APCs regularly over a period of time, or you can by paying a one-off lump sum. The maximum amount of additional pension you can buy is £6,822 (this figure increases each year in line with the cost of living).
How much it costs depends on how much extra pension you want to buy, the age you start paying the extra contributions and the length of time you want to pay them over.
To find out how much you can increase your LGPS pension by paying Additional Pension Contributions (APCs), an online calculator is can be found on the LGPS member website.