Westminster staff may soon benefit from a tax break on their pension contributions, thanks to a proposed Shared Cost Salary Sacrifice Additional Voluntary Contribution (SCAVC) scheme. The Westminster Council Pension Fund Committee discussed the proposal at their meeting on Thursday, 26 June 2025, as part of a broader review of the fund's performance and strategy.
The SCAVC scheme would allow employees to increase their pension contributions in a tax-efficient manner by giving up part of their salary in exchange for a non-cash benefit, such as increased pension contributions. This could significantly boost retirement savings for council staff.
Beyond the SCAVC proposal, the committee reviewed the quarterly performance of the pension fund and considered new investment strategies, including those aligned with environmental goals, as part of the 'Fit for the Future' Local Government Pension Scheme (LGPS) review. The Pensions Investment Review Final Report was a key part of this discussion.
Fund financial management was also on the agenda, with a review of the risk matrix and risk registers for both governance and administration. The committee also received an update on the London CIV (LCIV) Global Alpha Growth Paris Aligned investment strategy and discussed the subscription of B Shares in London CIV, as well as receiving a letter from Minister McMahon regarding LGPS LCIV.
The full agenda and reports pack from the meeting are available online.