Free Standing Additional Voluntary Contributions (FSAVC)
As a member of a company pension scheme, FSAVCs allow you to make additional voluntary contributions separately of any pension provided by your employer.
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.
Read more about the benefits of topping up or try our AVC contributions calculator.
To top up, read your plan literature and call us on 0845 640 2000 (Monday to Friday 8am-6pm). We will help answer even if you don't have your plan literature to hand.
Features of a FSAVC plan
- Tax-efficient saving* - FSAVCs qualify for tax relief like other pension contributions do, and you can take a tax-free cash lump sum on retirement. Read more about the tax benefits. Please note that pensions in payment are taxed as earned income.
- Flexibility - you can vary, stop and start, and make regular or and/or lump sum payments at any time, even if you change jobs. 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 may depend on the particular scheme you join. Note that the value of your fund may fluctuate and you may not get back your original investment.
Review your FSAVCs
- Read your plan literature.
- Send us a secure email or call 0845 640 2000 (Monday to Friday 8am-6pm). (Please note: FSAVC scheme numbers start with an 8 and have eight digits in total (8*******)).
- Find out more about pensions in general in our pensions guide.
*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).
