Free Standing Additional Voluntary Contributions (FSAVCs)

These are similar to in-house Additional Voluntary Contributions (AVCs) but are not linked to the Local Government Pension Scheme (LGPS) in any way.

With Free Standing Additional Voluntary Contributions (FSAVCs), you choose a provider, usually an insurance company. You may want to consider their charges, alternative investments and past performance when you do this.

You choose how much to pay into a FSAVC arrangement. You can pay up to 100% of your taxable earnings, less your normal pension contributions, and be eligible for tax relief.

Your FSAVC fund should grow as it is invested and will be available later in your life to convert into an additional pension of your choice. You can often choose which investment route you prefer.

You can also pay FSAVCs to provide additional life cover. Your LGPS membership already gives you cover of 3 times your pay if you die in service, but you can increase this amount via a FSAVC or use the FSAVC to provide additional dependants benefits on your death in service. This may be subject to a satisfactory medical questionnaire.

You should contact the pension provider you choose to find out their procedures regarding application.