EA NILGOSC pension scheme members now have access to the Shared Cost Additional Voluntary Contribution (Shared Cost AVC) employee benefit scheme designed to boost your financial wellbeing portfolio of options.   

What will a Shared Cost Additional Voluntary Contribution (SCSSAVC) offer me?

In summary a SCSSAVC scheme may offer you:

• A cost-efficient way to invest in your long term financial future
• The ability to top up your pension pot so you can look forward to your retirement[1]
• The opportunity to save National Insurance Contributions (NICs) in addition to Income Tax on the money paid into the scheme
• The option to potentially withdraw your Shared Cost AVC plan 100% tax free at retirement[2]

Overall, this scheme offers a way to save for retirement, meaning you could potentially retire early or with more money.  

How do I find out more about Shared Cost AVC’s?

1. Check out the scheme FAQs (attached below).
2. To learn more about Shared Cost AVCs, please register on the My Money Matters platform. 
3. Once registered you will be able to sign up for an upcoming webinars to inform your decision

For general queries about the scheme

EA staff can contact My Money Matters directly, email support@my-money-matters.co.uk , call 012 5295 9779 or visit the My Money Matters website to use the live chat service. 

It is also recommended that staff seek independent financial advice when considering future financial planning.

[1] A Pension is a long term investment, the fund value may fluctuate and can go down. Your eventual income may depend upon the size of the fund at retirement, future interest rate and tax legislation. 

[2] You can take all or part of your Shared Cost AVC plan as a tax free lump sum as long as you take it at the same time as your main scheme benefits, and it does not exceed 25% of the combined value of your plan and your main scheme benefits.