Provision of Shared Cost Additional Voluntary Contribution Scheme

The SCAVC (Shared Cost Additional Voluntary Contribution) scheme allows employees to make additional pension contributions, the additional contributions are deducted from the employee's salary prior to Income Tax and National Insurance deductions, meaning savings are made for the employee and the employer (Hull City Council). Currently there is only one supplier in the market - AVC Wise Ltd. who are able to provide this service that is under regulation 17 of the Local Government Pension Scheme (LGPS) Regulations 2013 (the 2013 Regulations).