Additional Voluntary Contributions (AVC)

As a member of our AVC plan, you're building a separate pot of money alongside your main scheme pension to give you extra income at retirement.

Here's a reminder of the features of your AVC plan:

  • Tax savings: you get tax savings on your contributions if you pay tax. Regular contributions are taken from your pay before tax, so the money you'd normally pay as income tax automatically goes into your AVC pot instead. If you make one off lump sum payments, the tax can be reclaimed through your self assessment tax return. If you don't pay tax, you won't benefit from tax savings. Tax savings will depend on your individual circumstances and rules can also change.
  • Flexible contributions: you can increase or decrease, stop and restart, and make regular and/or lump sum contributions at any time. If you stop or reduce your contributions, you'll still have to pay charges and this will impact how much money you have at retirement. 
  • Greater choice and control: currently from age 55 you have a number of options to choose from to take the money from your AVC plan. Take a look at your scheme AVC website for more details on the options you have available. 
  • Choice of funds: you invest your contributions in funds, and you have a range of funds to choose from depending on the scheme you're with. The value of your investment can go down as well as up so you might get back less than you put in.

Reviewing your AVC plan

You may need more money than you think as:

  • Your savings may not go as far in the future if inflation makes the price of goods and services go up
  • People are generally living longer and spending more time retired, so your savings will need to last you longer
  • Your main pension scheme benefits might not be enough to fund the kind of lifestyle you want in retirement.

It's a good idea to regularly check your AVC plan to make sure you're on track to achieve the lifestyle you want when you stop working.

You can review your AVC plan online. Here you can see a valuation of your funds, find documents, update your personal details and send us secure messages. 

Or you can check your Annual Benefit Statement or call us on 0345 600 0343 if you’re a member of a public sector AVC scheme, or on 0345 600 0383 if you’re a member of a Group AVC scheme. You can call us Monday to Friday from 8.30am to 6pm.

Your AVC scheme website

You can do more from your AVC scheme website. You may be looking to:

  • Change your investment choice
  • Increase or decrease your contributions
  • Stop paying into your plan
  • Move your money to a different plan
  • Take the money from your plan.

If you’re considering any of these, please visit your AVC scheme website for more information.

If you're a member of a public sector AVC scheme, please visit your scheme website below:

If you're a member of a company that has a Group AVC plan with Prudential, please visit the Group AVC website.

Employers

Please visit our employer section of the website.