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Payroll contribution support

Contribution collection

We recognise that each local government authority is made up of multiple employers and payrolls. Our proposed solution is to manage the AVC scheme by receiving a consolidated file of member AVC contributions from each authority for each pay period. Shared-Cost AVC contributions are accepted.  However, we’ll work with you to consider what works best for your needs and can offer alternative configurations.

Administration & Payroll Support

We provide scheme administrators with secure access to the My Scheme Updates (MySU) service.

MySU is a simple, intuitive, web-based application, that provides scheme administrators with the ability to submit both joiner and contribution details to us on a regular basis.

Regular and one-off AVCs, Shared-Cost AVCs (salary sacrifice) and leavers can all be included in the contribution file.

There is mapping capability within the system, which means that the order of information and some formats are flexible. The administrator can decide when they want to send us the data to suit their payroll timing. The system maintains a record of all submissions and the employer can view and print historic submissions for audit trail purposes.

The key steps are:

  1. CSV contribution file is uploaded from the relevant payroll team(s) into L&G’s secure site.
  2. Validation takes place to identify the target account for every payment within the contribution file.
  3. Where contributions are paid via our recommended method of employer-initiated Direct Debit, working day Direct Debit collection period begins.
  4. The purchase of units takes place within the Direct Debit collection period, which means the member is invested once the contribution has been received.

Find out more about the L&G and My Money Matters proposition.

Partnership with My Money Matters

In addition to our comprehensive proposition, we offer a more bespoke payroll service with our trusted provider, My Money Matters.

My Money Matters was established in 2018 to support public sector employers in offering AVC services to LGPS members. It provides a fully managed solution to help you launch and manage your scheme, including a bespoke web platform, member communication services and full administrative support.

All administration is co-ordinated by My Money Matters, significantly reducing your admin burden.

Key risks

The value of an investment and any income taken from it is not guaranteed and can go down as well as up, and the investor may get back less than the original amount invested. 

Once L&G has received and accepted the transfer value payments they cannot be returned. 

The value of the benefits payable on the member’s death may be lower than those that would have been paid under their scheme. 

The value of the units which make up a member’s fund can go down as well as up, so the value of their fund is not guaranteed. It is particularly important for a member to remember this if they are close to taking their benefits. 

The fund or funds the members are invested in will have specific risks. These risks are described on the fund factsheets which you can view at legalandgeneral.com/investwbop 

The law and tax rates may change in the future.