Hampshire Pension Fund provides additional voluntary contributions for pensions

Local government pension scheme The Hampshire Pension Fund has appointed Prudential to provide additional voluntary contributions (AVCs) to scheme members.

The scheme has more than 45,000 members, only a small percentage of whom currently pay AVCs.

The new appointment means Prudential now provides AVC facilities to 68 out of the 99 local government pension schemes in the UK.

AVCs enable pension scheme members to make additional payments, which include a tax-free element, in order to boost their pension savings.

Mark Kemp-Gee, councillor and chairman of the Hampshire Pension Fund Panel, said: “We want all of our members to be aware of the potential for increasing their retirement benefits by paying AVCs, and we believe that Prudential’s proactive approach will help us achieve that goal.”

Richard Harrison, head of client management at Prudential, said: “Encouraging scheme members to get the best out of their pensions and, particularly, educating them on how best to utilise AVCs is becoming increasingly important.”

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