New National LGPS Framework for Additional Voluntary Contributions (AVC) goes live

National LGPS Frameworks has announced the latest National LGPS Procurement Framework. The new Framework is designed to help LGPS Funds and wider public sector pension schemes swiftly and easily access Additional Voluntary Contribution (AVC) services for their scheme members, and Consultancy Services to assist with their AVC provision.

The new AVC Framework enables LGPS Funds to source a variety of services to meet their local needs. The Framework is split into two different Lots:

• Lot 1: Additional Voluntary Contribution Services
• Lot 2: Consultancy Services associated with Additional Voluntary Contributions

Users of the Framework will benefit from all the usual advantages of using a National LGPS Framework including access to high quality value for money services, pre-agreed Terms and Conditions and supporting documentation.

Commenting on the launch, Ian Howe, Pensions and Payments Manager at Leicestershire, and Deputy Chairman of the Local Government Technical Group said “The new Additional Voluntary Contribution (AVC) Framework is hugely beneficial for Local Government Pension Funds assessing or changing their Fund’s AVC provider. It will improve AVC standards and service for Local Government Funds, and most importantly Local Government scheme members. I wish to thank the National LGPS Frameworks Team and the LGPS Funds who have worked hard to positively conclude this Framework.”

The following Funds have worked together to establish this Framework, supported by the National LGPS Frameworks team, and procurement and legal specialists from Norfolk County Council.

• Cheshire West and Chester Council (As Administering Authority for Cheshire Pension Fund)
• Dumfries and Galloway Council (as Administering Authority of the Dumfries and Galloway Pension Fund)
• Glasgow City Council (as Administering Authority of the Strathclyde Pension Fund)
• Leicestershire County Council (as Administering Authority of Leicestershire Pension Fund)

Barnett Waddingham announced that it has been appointed to the new framework.

Graeme Muir, Partner at Barnett Waddingham, said: “Barnett Waddingham is delighted to be appointed to the new National LGPS Framework for Additional Voluntary Contributions. This builds on our long history supporting LGPS Funds and Authorities in relation to pensions and recognises the important role that AVCs play in helping LGPS members save for their future. We believe this framework will help improve value for members across the board from investment options to member engagement and we look forward to supporting Authorities considering their options.”