AVC providers for members of the Hampshire Pension Fund

Note: An AVC plan is an investment and the value can go down as well as up. The fund value in the future may be less than the payments you have made.

Prudential

Applying for an AVC?

An application to start paying an AVC must be done through Prudential's website: Prudential

You will need to select your scheme name and employer name in order to access the options available to you from Prudential.

The Prudential website explains how an AVC works and what you need to do to start paying into an AVC.

Before applying check: 

1) Understanding AVCs

The Member Portal guide to AVCs in the LGPS (hants.gov.uk) gives a clear explanation of what AVCs are, how they work and your options to use your AVC at retirement. You are highly recommended to read this before applying for an AVC. 

2) AVCs and tax

One of the benefits of paying into a registered pension scheme is that you receive tax relief on the contributions you pay into the scheme. However, there are also tax restrictions. For more information on these see Member guide to AVCs in the LGPS (hants.gov.uk)

If you require further information on the tax implications of contributing to or taking an AVC, please contact us.

3) Salary Sacrifice Shared Cost AVCs

Some employers offer Salary Sacrifice Shared Cost AVCs with Prudential. Contact your employer to check if this option is available to you.

In a SSSC AVC both you and your employer contribute to your AVC fund. Every month, you pay a nominal amount as your contribution to the AVC and the remainder of your total contribution amount is paid by your employer. Your employer reduces your gross salary by the amount of the AVC contribution that they pay for you.

You make savings in Income Tax and National Insurance Contributions on the amount of salary that you sacrifice (subject to limits and thresholds) so your take home pay increases compared to paying AVCs in the standard way.

Your original salary, also known as your notional salary, is still used in certain payroll calculations, e.g. statutory payments, pension calculations etc. 

4) Your investment choices/charges

The Prudential website explains what investment options are available and the charges associated with each fund.

5) Financial advice

It is advisable to get independent financial advice before taking out any form of additional pension saving.

You can get help choosing a financial adviser from the Money Helper website. Money Helper is backed by the government and provides free impartial information and guidance. 

The Financial Conduct Authority (FCA) is the regulatory body for independent financial advisers. Beware of pension scams and only use an adviser regulated by the FCA. 

You can find a local independent financial adviser (IFA) at: www.unbiased.co.uk. Unbiased is a website which lists regulated and independent financial advisers. It checks that everyone on the site is registered with the FCA.

It is important to note that neither your LGPS Pension Fund nor Prudential can give you financial advice. 

Already paying into a Prudential AVC

Members who already have a Prudential AVC may use the Prudential website for current members to make changes to their contribution levels and investment choices, and to manage their investments.

They can also contact Prudential AVC by telephone at: 0345 6000 343

Note - this number is for members who already have an AVC. It cannot be used to make an AVC application. 

Zurich

Funds

Information about which Zurich funds are available to you can be found on the Zurich Hampshire County Council Pension Fund website.

Not all Zurich funds are available to members of the LGPS, you should discuss your options directly with Zurich.

Charges

Check with Zurich.

• We are not aware of an exit charge, but you should check
• Other charges may apply 

Contact details

Note: Zurich is part of Scottish Widows so this phone number may be answered by Scottish Widows.

• Phone: 0800 015 0617
• Zurich Pensions