Additional Voluntary Contributions

As a member of our Additional Voluntary Contributions (AVCs) scheme you're able to supplement your company pension to help boost your income in retirement.

Average life expectancy is increasing so saving in a pension - and topping it up - is a prudent way of helping to fund the lifestyle you want in retirement.

To top up, read your plan literature and then call us on 0845 600 0343 (Monday to Friday 9am-6pm). We can help answer any questions if you don't have your literature to hand.

You can also find out more about the benefits of topping up, or try our AVC calculator.

Features of an AVC plan

• *Tax-efficient - AVCs qualify for tax relief, and you can take a tax-free cash lump sum on retirement. Read about the tax benefits of saving in a pension. Note that pensions in payment are taxed as earned income.
• Boost your retirement income - see our AVC calculator to find out how you could help to plug any potential gaps in your retirement income.
• Additional benefits - you can buy additional pension benefits although you'll need to check with your main scheme to find out more.
• Portable - you can transfer your AVCs to a new employer - although you'll need to check with your main scheme to find out more.
• Flexible - you can vary, stop and start, and make regular and/or lump sum payments at any time. Note that charges will still be applied and deducted.
• Range of funds - your pension contributions can be invested in a choice of funds. The funds actually available to you will depend on the particular scheme you join. Note that the value of your fund can go down as well as up and you may not get back your original investment.

Review your AVC plan

• Review your plan here: teachers, university, local government, NHS or other company AVC schemes.
• To top up or change your contribution levels read your plan literature and call 0845 600 0343 (Monday to Friday 9am-6pm). We can answer any questions if you don't have your plan literature to hand.
• For general enquiries about you plan call 0845 600 0343 (Monday-Friday 9am to 6pm).
• For more about pensions in general read our pensions guide or AVCs.
• If you are an employer please visit our employer section of the website.


*The above is based on our understanding, as at 6 April 2009, of current taxation, legislation and HM Revenue & Customs practice, all of which are liable to change without notice. The impact of taxation (and any tax relief depends on individual circumstances).