Additional Voluntary Contributions
As a member of our Additional Voluntary Contributions (AVC) scheme you're able to supplement your company pension to help boost your income in retirement.
And with average life expectancy increasing, saving in a pension and topping it up is a great way to help build up a larger fund for when you retire. Read more on the benefits of topping up.
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- *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, and that any changes to your contributions will impact on your benefits at retirement.
- Range of funds - your pension contributions can be invested in a choice of funds. The funds 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
To top up, change your contribution levels, or for any questions:
- Call us on 0845 600 0343 (Mon-Fri 8.30am-6pm)
- You can also send us a secure message online anytime
- See the difference your contributions could make - AVC calculator
- For more general information, see our pension guide or AVC guide
Public sector scheme members
Review your plan using the links below:
Employers
Please visit our employer section of the website.
*The above is based on our understanding, as of April 2011, 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).
