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Shared Cost AVCs with My Money Matters

Shared Cost AVCs are are available for eligible school employees

If you work in a Nottingham City Council maintained school and are employed by Nottingham City Council, you may already be building your retirement savings through the Local Government Pension Scheme (LGPS). We're now pleased to share access to the Shared Cost Additional Voluntary Contributions (Shared Cost AVCs) for eligible school employees employed by the Council, delivered with our partner, My Money Matters.

A Shared Cost AVC is a tax-efficient way to top up your LGPS pension, available to LGPS members. Contributions are taken from your pay before tax and National Insurance, which means you could make savings while putting more towards your future retirement.

What is a SCAVC and how does it work?

A SCAVC is a type of Additional Voluntary Contribution (AVC) arrangement available to LGPS members. It allows you to boost your pension by paying extra contributions - but with an added advantage as your employer contributes too, through a shared‑cost, salary‑sacrifice model.

This means you agree to give up part of your gross salary, and the Council redirects that amount (plus their contribution) into a separate AVC pot.

Both you and the employer save on National Insurance contributions, adding to the financial benefit.

How will you benefit?

  • Bigger Pension Savings: You increase your retirement benefits more efficiently than with a standard AVC

  • Cost Efficiency: Because of tax and National Insurance savings, every pound you contribute goes further

  • Employer Support: The Council's contribution enhances your savings at no additional net cost to you. For example, a £100 contribution would add £138* to your pension pot.

*Basic rate taxpayer savings are a guide and based on current Income Tax (20%) and National Insurance (8%) rates, which are subject to change. These figures are not guaranteed.

Who can join? 

If you're an active member of the Local Government Pension Scheme (LGPS), you may be eligible to take advantage of the Shared Cost AVC arrangement through My Money Matters. This is another great reason to join the Pension Scheme.

Good to know...

A Shared Cost AVC scheme is a pension product for active LGPS members, and can only be accessed from age 55 onwards, rising to 57 in 2028. The scheme is facilitated by My Money Matters, and the fund you choose to invest into will be managed by your chosen provider.

Whilst Shared Cost AVC schemes can offer valuable benefits, they may not be suitable for everyone, and you should consider if it’s right for you. You can speak to a financial adviser if you require advice.

It’s important to remember that as your pension is invested, the fund value can go down as well as up, and you may get back less than you invest. The Pension eligibility and tax rules that apply depend on your individual circumstances and may change at any time.

🎯If you have any questions, please email support@my-money-matters.co.uk, call 01252 959 779 or visit the My Money Matters website to use the live chat service.  

 

 

Financial Wellbeing Support Through My Money Matters

A Shared Cost AVC is just one of the ways My Money Matters can help you make the most of your finances.

Nottingham City Council has partnered with My Money Matters to provide colleagues with free financial wellbeing support, helping you make informed decisions about your money at every stage of life. Whether you're managing day-to-day finances, planning for major life events or thinking about retirement, there's a range of support available to help you achieve your goals.

Through the platform, you can access:

  • Financial education articles, guides and learning resources
  • Live and on-demand webinars covering a variety of money topics
  • Free 1:1 financial education coaching sessions
  • Budgeting tools and money management support
  • Mortgage guidance
  • Savings and investment education
  • Protection and insurance information
  • Estate planning resources, including will-writing services

Find out more

To explore the available support and register for an account, visit the My Money Matters platform.