Prudential has been chosen to provide an Additional Voluntary Contribution pension scheme (AVC) to local government employees at Powys County Council.
Powys Pension Fund has approximately 7,000 members, and only a small percentage of employees are currently paying AVCs, which offer pension scheme members a cost-effective, tax-efficient way to increase their pension savings.
With this appointment Prudential is now the chosen provider for six out of eight local government pension schemes in Wales and two thirds of the 99 schemes across the UK.
Richard Harrison, Head of Client Management at Prudential, said: “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 well-being of a pensioner, and we look forward to helping the employees at Powys County Council as they save for their retirement.”
Joe Rollin, Pensions Manager at Powys County Council, said: “Prudential’s long-standing history of providing AVCs, combined with their extensive expertise on running local government AVC arrangements, gave us the confidence that they can help educate our employees on how additional contributions can help boost their pension pots.”
