If you have any questions that aren’t answered below, please contact us here.
AVC Wise is a fully managed platform solution offered to employers that have employees who are members of the Local Government Pension Scheme (LGPS). It facilitates the initial on-boarding and transition from standard Additional Voluntary Contributions (AVCs) to salary sacrifice Shared Cost Additional Voluntary Contributions (Shared Cost AVCs) and provides ongoing management of the scheme.
The AVC Wise team provides tax, salary sacrifice and LGPS experts, as well as a customer service team, technical, marketing and account management support.
Your organisation will enjoy National Insurance Contribution (NIC) savings and Apprenticeship Levy savings (where applicable) on the total amount of salary sacrifice. This could be a substantial saving for large organisations.
For example, an employee with a contribution amount of £250 per month into the Shared Cost Additional Voluntary Contribution (Shared Cost AVC) scheme could result in an annual saving of circa £555.94 for your organisation (if they choose to reinvest their NIC savings into the scheme).
For your employees, Shared Cost AVCs provide an even more efficient way to save for retirement. The contributions are made partly by salary sacrifice, meaning savings on NICs for your employee too, as well as your organisation.
On top of the NIC savings, the fully managed solution also reduces the administration burden on your teams, working closely with your HR, payroll and communications departments. Experts in tax, salary sacrifice, employee benefit systems, marketing and account management are provided to ensure as much of the work is taken off you as possible. We work in partnership to maximise take up and engagement with the scheme throughout, all marketing support is included free of charge.
No, it’s not! The fully managed solution minimises the work for you and your teams. The transition and onboarding is straightforward and you are guided through each step by a dedicated Implementation Manager. The on-going management and administration of the Shared Cost Additional Voluntary Contribution scheme will be managed through a dedicated AVC Wise Account Manager.
On top of the National Insurance Contribution savings mentioned earlier in question 2, the fully managed solution also reduces the administration burden on your teams, working closely with your HR, payroll and communications departments. AVC Wise experts in tax, salary sacrifice, employee benefit systems, marketing and account management are provided to ensure as much of the work is taken off you as possible, whilst working in partnership with you to maximise take up and engagement with the scheme throughout.