Maria, a Customer Support Assistant Librarian, wanted to make the most of her new job opportunity and ensure her financial future was secure with Shared Cost AVCs facilitated by My Money Matters.
Motivation for joining the scheme: Maria sought to take proactive steps towards her retirement planning after transitioning between jobs.
"New job after a couple of changes, wanted to make sure I was saving enough."
💡 In fact, nearly 1 in 2 people said affordability was the key reason they signed up for or increased their AVC payments - just like Maria.
Benefits experienced: She feels reassured knowing that she's making a positive contribution towards her retirement. The Income Tax and National Insurance contribution savings available through the scheme have made investing in her future much more accessible.
"Feel like I'm doing something positive towards my retirement."
Shared Cost AVCs allow members to benefit from Income Tax and National Insurance contribution relief on their contributions, meaning they keep more of their money while growing their pension pot.
Overcoming concerns: Initially unsure of the benefits beyond boosting her pension, Maria found that discussions with colleagues helped her understand how advantageous the scheme is compared to traditional saving methods.
"Colleagues told me how much better an investment it was compared to other savings options."
💡 Maria isn’t alone - over 1 in 10 people said they registered with My Money Matters through word of mouth, showing just how powerful colleague referrals can be!
Unlike traditional savings accounts, Shared Cost AVCs offer tax efficiencies and flexibility, making them a smarter long-term savings option.
Resources available: Maria found the available resources extremely helpful.
"Lots of webinars and information available, I've made time to attend them."
My Money Matters offer webinars, coaching sessions, bitesize videos, and retirement planning tools designed to help LGPS members make confident, informed decisions.
Ease of setup and use: Maria found the application process simple and easy to use.
"Very easy, just a straightforward form and confirmation."
Signing up takes minutes through My Money Matters, and contributions start from as little as £2 per payroll.
Impact on retirement plans: She is confident that her AVC contributions will help make up for previous shortfalls and give her greater financial security.
"Hopefully will make up for the years of shortfall in pension contributions."
With the option to take a 100% tax-free lump sum at retirement, Maria knows she has greater control over her future finances.
Advice for others: "Get it done! It’s definitely a case of ‘the more, the better’ - it’s worth it."