AVC Wise

Tender description

Members of the Local Government Pension Scheme (LGPS) are allowed to make tax-free additional voluntary contributions (AVC’s). These contributions are also NI free via the AVC Wise salary sacrifice scheme through payroll. This means the Council also benefits from a reduction to employer NI contributions. The AVC scheme is administered by the Prudential and AVC Wise Ltd is a company that works in partnership with the Prudential and the Enfield Payroll Service. AVC Wise Ltd also runs pension seminars for members and potential members of LGPS, concentrating on AVC take up and highlighting the benefits of having a pension. AVC Wise Limited's Vendor number is 137541. Legal Services have reviewed the terms of the new contract. As an outcome of this scheme, based on current contributors the Council's employer NI bill will reduce by £156k per annum (£468k over the 3 year contract period). Exchequer also charges an admin fee to schools and academies which generates an income of £10k over the contract period. Keywords: Exception