Saving for the Future with Shared Cost AVCs

Do your members/employees realise the importance of having enough money for retirement? There are more options available to employees than just their main scheme pension, and most employees do not realise how much they'll actually need for retirement. However, there is some fantastic news for LGPS members. They have an opportunity to save an additional portion of their monthly salary into a separate pot from their main pension contribution via salary sacrifice; Shared Cost Additional Voluntary Contributions (Shared Cost AVCs). One of most attractive features of the Shared Cost AVC scheme is that in reducing one's monthly salary, the contributing member will pay less income tax and NICs, effectively achieving growth of approximately 47% on every pound saved. Although Shared Cost AVCs are fairly straightforward, the level of administration required to foster a successful take-up of the scheme amongst the workforce is anything but. Employers must complete regular and essential compliance checks, maintain general upkeep and educate employees frequently on the importance and benefits of saving extra for retirement. All these things present a challenge for employers when deciding whether to launch their own Shared Cost AVC scheme themselves. This is where AVC Wise's services become invaluable, with their deep expertise and capability of providing both the guidance and requisite legwork to administer the scheme on behalf of an employer. Their user-friendly platform makes it easy for employees and employers to see and manage their contributions, with clear, easy-to-understand advice and information. Their expert-led webinars and individual meetings have resulted in a combined conversion rate of 56%, whilst their educational email content has generated £1.6m of salary sacrifice this year alone. Shared Cost AVC amounts can be altered at any time, suiting the financial needs of an individual. Learn more at www.avcwise.co.uk