Pensions information
Boosting pension
There are a few ways in which you can increase your pension benefits:
Additional Voluntary Contributions (AVCs)
Prudential is the current AVC provider for Strathclyde Pension Fund. AVCs are invested in funds, so they have the potential to grow over time. It also means the value can go down as well as up and you may get back less than you put in.
If you’re a taxpayer, you get valuable tax savings on your contributions, as the Council takes these from your pay before tax. The tax you pay depends on your individual circumstances, and tax rules may change in the future.
You can pay into an AVC regularly or pay a specific amount, and you can change your contributions at any time.
With AVCs you have a number of options for how to access your savings, currently from age 55, on retirement, or earlier if you’re in ill health.
If you would like to sign up for APCs you should visit Prudential’s dedicated Local Government AVCs website.
Additional Pension Contributions (APCs)
You can pay APCs to increase your pension at retirement or to cover pension lost due to authorised unpaid leave e.g. unpaid maternity leave or industrial action.
There is a maximum amount of additional pension which you can buy per annum, this figure increases in line with cost of living.
Buying lost pension
This option is to allow you to buy back pension which you have lost from authorised absence which otherwise would not count towards your pension. This can be done whether you are in the main or 50/50 scheme.
The cost of this can be spread over a number of complete years (unless you are within 1 year of your Normal Pension Age) or by making a one-off payment. If you elect to cover the break within 30 days of returning to work the Council will pay two thirds of the cost, unless the absence was due to industrial action.
Buying extra pension
To buy extra pension you must be in the main section of the scheme. The cost of this can be spread over a number of complete years (unless you are within 1 year of your Normal Pension Age) or by making a one-off payment.
In order to make either of these payments, you need to complete the relevant form which can be found here. The form should be returned to Personnel Services, Floor 3, Council Offices, Almada Street, Hamilton, ML3 0AA or alternatively emailed to pensions@southlanarkshire.gov.uk.
