Powys County Council appoints provider to AVC pension arrangement

Powys County Council has appointed Prudential to provide an additional voluntary contribution (AVC) pension arrangement to its 7,000 employees.

The council has made the appointment to educate its staff about how additional contributions are a cost-effective, tax-efficient way to increase their pension savings. Only a small percentage of the council’s pension scheme members currently pay AVCs.

Prudential is now the provider of six out of eight local government pension schemes in Wales.

Joe Rollin, pensions manager at Powys County Council, said: “Prudential’s history of providing AVCs, combined with its expertise in running local government AVC arrangements, gave us the confidence that it can help educate our employees on how additional contributions can help boost their pension pots.”

Richard Harrison, head of client management at Prudential, added: “Funding their desired lifestyle in retirement is becoming more and more worrying for many individuals, especially against the backdrop of increasing life expectancy.

“Our historical statistics show that having saved through AVCs in the run-up to retirement, the average local government employee has the potential to increase their pension pot by up to £15,000, and sometimes more.

“This extra pot of money can have a significant impact on the financial wellbeing of a pensioner, and we look forward to helping the employees at Powys County Council as they save for their retirement.”

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