General Pension Information

It’s important to remember that as your pension is invested, its value can go down as well as up and your capital is at risk. Pension eligibility and tax rules apply, depend on your individual circumstances, and may change at any time.

A Shared Cost AVC scheme is a pension product for active LGPS members. It may not be suitable for everyone, and you should consider whether it is appropriate for your individual circumstances.

My Money Matters supports your Shared Cost AVC journey; however the fund you choose to invest in will be managed by your selected provider.

AVC Wise Limited (trading as My Money Matters) does not provide financial advice or personal recommendations. The information provided is for general guidance only and does not take into account your individual circumstances. You should seek independent financial advice before making any financial decisions..

Tax-free allowance

If your total pension contributions for the current tax year, including LGPS and Shared Cost AVCs, exceed the £60,000 annual tax-free allowance, you may incur a tax charge.

You may be eligible to carry forward unused allowance from previous tax years, which could allow you to contribute more without incurring a charge. Please check you’re eligible here.

Withdrawing pension benefits (Tax-free cash)

Your Local Government AVC allows you to take all or part of your AVC plan as a tax free cash lump sum as long as you take it at the same time as your main scheme benefits and it does not exceed 25% of the combined value of your plan and your main scheme benefits. This must also fall within the maximum permitted by HMRC rules.

There are also alternative options to choose from when it comes to taking your benefits. You can contact your pension scheme provider or your financial advisor to learn more about these options, or you can contact Money Helper for free, impartial pension guidance.

Wills

This offer does not include postage and packing.

More complex Wills or additional services are likely to incur higher costs.

Mortgages

Your home may be repossessed if you do not keep up repayments on your mortgage.

There may be a fee for mortgage advice. The exact amount will depend on your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.

Any discount is only available through the My Money Matters platform. Other branches of Mortgage Advice Bureau will charge the full fee.