Overview
Are you hoping to retire early? Do you picture yourself trying new things, doing more travelling, or becoming a DIY guru when you take your pension? Most of us look forward to a happy and comfortable retirement, but do your finances match the lifestyle you want?
You may want to think about paying extra pension contributions now to boost your income in later life. If you’re already paying into the LGPS, there are two tax efficient ways you can pay extra contributions:
- additional pension contributions (APCs) – paying more to boost your pension at retirement or buying back lost LGPS pension due to time away from work.
- additional voluntary contributions (AVCs) – paying extra towards your LGPS pension with an external provider.
If you’re in the main section of the LGPS you can choose to pay towards either an AVC or an APC. If you’re in the 50/50 section, you won’t be able to pay towards an APC.
Looking after your pension video 01:46
How much you pay and how you can increase or decrease your payments.
