Salary Sacrifice Shared Cost AVC Arrangement Guidelines

This document is a guide outlining the terms of business for establishing a Salary Sacrifice Shared Cost AVC Arrangement (SS SC AVC) with Prudential, effective as of August 2024. It details the responsibilities and obligations of the employer in setting up and managing the SS SC AVC arrangement. Employers are required to notify their Administering Authority of their intent to establish the arrangement at least three months in advance and must ensure proper registration with Prudential. The guide specifies that employers must provide employees with an information pack regarding the SS SC AVC, manage employee eligibility, and adhere to HMRC requirements. Additionally, it outlines the necessary steps for new joiners and existing members transitioning to the SS SC AVC, including the submission of applications and contributions. Prudential's roles and responsibilities in the arrangement are also defined, including providing generic information on tax treatment and facilitating the administration of the SS SC AVC arrangement. Employers must ensure compliance with these guidelines to maintain the arrangement.