Elisebeth, a Team Manager, wanted to enhance her retirement finances without adding financial strain. Through My Money Matters, she discovered Shared Cost AVCs as an easy and effective way to build up her pension pot while taking advantage of Income Tax and National Insurance contribution savings.
Motivation for joining the scheme: Concerned about whether she was saving enough for retirement, Elisebeth explored AVCs to build additional funds.
"Trying to increase the money available on retirement."
💡 Her concerns are echoed by more than 1 in 9 members who told us they signed up for AVCs to better prepare for retirement.
Benefits experienced: Since joining, she's been relieved knowing that she's actively preparing for a more comfortable retirement.
"It has relieved my worries about how much money I will have when I retire."
Shared Cost AVCs offer members the flexibility to retire early while maintaining a higher standard of living.
Overcoming concerns: She attended webinars and asked questions, which reassured her about the scheme’s reliability and benefits.
"I attended a few webinars and asked questions, which helped."
💡 She’s one of the many who benefitted from education - more than 1 in 4 members said learning more about the scheme motivated them to take action.
My Money Matters offers a variety of webinars to help LGPS members feel more confident about how their pension scheme works, the key benefits of AVCs, and how they can maximise their benefits.
Use of resources: The available resources played a key role in building Elisebeth’s confidence.
"Excellent, easy to understand and interesting."
She found My Money Matters materials engaging and straightforward, making complex pension planning topics more accessible.
Ease of setup and use: She found it very easy to set up, appreciating the support and guidance provided.
"Very easy."
Impact on retirement plans: Her AVC contributions will significantly improve her financial situation when she retires.
"They will make my retirement more comfortable."
Advice for others: "Definitely go ahead and attend all the webinars! They help you understand everything clearly."