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  • Glossary

Glossary

  • Accrual rate

    The formula used to describe the rate at which you build up pension benefits whilst a member of the LGPS (whether under the final salary or CARE elements of the scheme). It is expressed as a fraction (e.g. 1/60th, 1/80th, 1/49th). The lower the bottom number, the better the pension benefit you will receive for an equivalent amount of pensionable service.

  • Additional Voluntary Contributions (AVCs)

    These are extra payments to increase your future benefits. You can also pay AVCs to provide additional life cover.

    All LGPS administering authorities have an AVC arrangement that you can use to invest money with an AVC provider. AVC providers are often insurance companies or building societies. AVCs are deducted directly from your pay and attract tax relief.

  • Admission body

    An admission body is an employer that chooses to participate in the Scheme under an admission agreement. These tend to be employers such as charities and contractors.

     

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