Additional Regular contributions (ARCs)
If you wish to purchase Additional Regular Contributions please download and complete the form below, specifying the amount of pension you wish to buy and the payment period you wish to take this contract over.
Send your completed form to Pension Services at Warwickshire County Council, we will then acknowledge this purchase and confirm the amount you will be paying per month based on the information you have provided.
To increase your benefits you can pay Additional Regular Contributions (ARCs) in order to be credited with additional pension of £250 a year, or multiples of £250, up to a maximum of £5,000 per year.
The contribution rate depends on your age at the date additional contributions start, your sex and on the payment period selected. The additional pension may be paid for by a monthly deduction to your salary over a whole number of years not exceeding the period to age 65. The additional contributions attract tax-relief.
The additional pension may be commuted for a tax-free lump sum when it comes into payment under the same terms as the rest of your pension.
The rate of additional pension is increased in relation to relevant cost of living increase, from the date of the first contribution to the date of the award of benefits. Once in payment, the additional pension is increased in line with the appropriate cost of living increase.
Additional Voluntary contributions (AVCs)
What is an Additional Voluntary Contribution?
Additional Voluntary Contributions (AVCs) are extra payments you can choose to make to build up a fund that will provide a pension, at retirement, in addition to your Local Government pension.
The Fund has undertaken a review of the range of AVC investment fund choices available with Standard Life. Based on advice from its pension advisers, the Fund has selected an expanded range of fund options for members to choose from.
Details of the new range of funds are set out in the Standard Life AVC booklet entitled ‘Your Investment Choices’ (pdf, 505Kb). All members are welcome to take a look at this booklet, even if they have not previously invested in AVCs.
How much can I pay?
The maximum a member may pay into the in house AVC to 50% of your salary. You may change your payments at any time. Your payments will be invested in one or more of Standard Life’s range of investment funds. This amendment came into force on 21 June 2007.
How can I make an AVC?
Please contact us on 01926 412682 or complete the attached ‘AVC request form’. Contributions will be deducted from your salary by your employer via Payroll and, as with your pension contributions to the main Fund, your AVCs also currently attract tax relief at your highest marginal rate (subject to the annual and lifetime allowances).
What happens when I retire?
At retirement, your fund can be used to buy a pension from Standard Life or another life assurance company of your choosing. You will also have the option of converting your AVC fund to additional pension in the Local Government Pension Scheme.
For further information visit the Standard Life website (user ID is LGPS) or call 0845 279 8831.