To approve the implementation of a Shared Cost Additional Voluntary Contribution salary sacrifice scheme with the provider AVC wise; and the inclusion of a new discretion in the councils’ pension discretion policy, Regulation 17 of the LGPS Regulations 2013 to enable this.
Reasons for recommendations
1. As part of People Strategy plan to provide an exceptional employee experience, consideration has been given to enhancing the financial wellbeing offer for employees. This scheme would feature on the existing MyRewards platform alongside other employee benefits.
2. Additional Voluntary Contributions (AVCs) enable staff to better plan for retirement and if done through a salary sacrifice scheme this is a lawful and tax efficient option for them.
Other options considered and rejected
No other options have been considered as AVC wise is the only provider that works in partnership with the local government pension scheme.