Provision of Managed Shared Cost Additional Voluntary Contributions Scheme

Description

North Ayrshire Council ("NAC") required the renewal of the managed shared cost additional voluntary contributions (“AVC”) scheme. This direct award issued against the Portsmouth City Council Salary Sacrifice Additional Voluntary Contributions framework, reference AVC651848481, is required to provide this service. The contract commenced on 8th November 2024 until 7th November 2027 with an option to extend by up to 24 months. Extensions will be at the sole discretion of NAC and subject to satisfactory performance and funding. There is no budget for this contract as the administration cost will be covered by the NI saving achieved through running the scheme. This will be in the region of 279,000 GBP. Lot 1: AVC’s are currently available to employers with Local Government Pension Scheme (LGPS) and NHS pension scheme members, and it is an employer’s decision whether they implement a scheme. The key advantages of an AVC scheme are that members can achieve significant savings whilst growing their retirement pot, helping toward a more secure financial future. The scheme also enables the organisations themselves to make Employer National Insurance and Apprenticeship Levy savings too.