Increase your Additional Voluntary Contributions if you'd like the chance to retire early or retire with more money

Existing customer looking to increase?

Increase your AVC pot

New customer looking to apply?

Apply for an AVC plan

 

Whether you're hoping to retire early or with more money, are you checking your AVC pot regularly?

If you want to remind yourself about the basics of AVCs, please read 'Your AVCs'.

Whatever you want to do when you stop working, make sure you are on track to secure the kind of lifestyle you want. AVCs are investment based so the value can go down as well as up and you may get back less than you put in.

How your AVCs could help your retirement

Your AVCs

Your AVCs could provide you with extra benefits in retirement.

Learn more

Tax savings

Adding to your AVC pot could be easier than you think.
 

Learn more

Flexible contributions

AVCs are flexible - change your contributions to suit your needs and circumstances and manage your plan online.

Learn more

Changing your investment

Check your investment choices online and switch whenever you want to.

Learn more

Flexible ways to take your money

You have a number of options for taking your money.
 

Learn more

Trusted provider partnership

Prudential is the appointed AVCs provider to the NHS pension scheme.

Learn more

Case studies - how increasing your AVCs might work for you

These examples represent typical situations and do not relate to any particular individuals or circumstances. The figures are for illustration purposes only and cannot be guaranteed. The monthly contribution figures are gross which means they include the tax savings. If you're paying tax in Scotland, your tax savings may be different.

Gwen started small but now wants to increase her contributions

Age started contributions: 31
Contribution years to date: 13
Current monthly contribution: £50
Current estimated AVC fund value: £10,100

Wants to retire: 60
Remaining contribution years: 16
Increase to monthly contribution: £50
New total monthly contribution: £100

Estimated AVC fund value based on current contributions: £32,000
Estimated AVC fund value based on new contributions: £45,400

Gwen case study image

Gwen had very little spare cash for AVCs when she started contributions at 31. She had just bought a house with her partner but did want to put something away for when she stopped work at 60. Gwen started her AVCs with £50 a month and now, 13 years later, she feels she can afford to put in a bit more.

If Gwen keeps saving £50 a month instead of £100, her estimated fund value on retirement at age 60 would be £32,000. By increasing her contributions, her estimated fund value on retirement at age 60 would be £45,400.

Even though Gwen started with a small amount, she had some peace of mind knowing that she was planning for her future and will have flexible ways to take her money when the time comes.

Go to our AVC top up calculator if you'd like to work out your own figures.

 

Oliver had other priorities for any spare cash

Age started contributions: 44
Contribution years to date: 5
Current monthly contribution: £75
Current estimated AVC fund value: £4,970

Wants to retire: 60
Remaining contribution years: 11
Increase to monthly contribution: £100
New total monthly contribution: £175

Estimated AVC fund value based on current contributions: £19,900
Estimated AVC fund value based on new contributions: £36,400

Oliver case study image

With a mortgage and bills to pay and two children at university, Oliver didn’t start his AVCs until he was 44. Now, five years later, his children have finished university and he’s able to put a little more away. He hopes to build up the value of his plan and retire at the same time as his wife – when they’re both 60.

If Oliver continues saving £75 a month instead of £175, his estimated fund value on retirement at age 60 would be £19,900. By increasing his contributions, his estimated fund value on retirement at age 60 would be £36,400.

Having an AVC pot means Oliver should be able to use this to help make up any reduction in his NHS pension benefits as he’s retiring a few years early.

Go to our AVC top up calculator if you'd like to work out your own figures.

Maria wanted to retire early

Age started contributions: 48
Contribution years to date: 3
Current monthly contribution: £400
Current estimated AVC fund value: £15,200

Wants to retire: 55
Remaining contribution years: 4
Increase to monthly contribution: £250
New total monthly contribution: £650

Estimated AVC fund value based on current contributions: £38,500
Estimated AVC fund value based on new contributions: £51,500

Maria case study image

Maria is on her own and three years ago she decided that she’d like to retire early at age 55 – however by doing so, her main scheme benefits will be reduced. She started her AVCs so she would have a little extra when she stops working and after reviewing it, has decided to top it up before she retires.

If Maria keeps saving £400 a month instead of £650, her estimated fund value on retirement at age 55 would be £38,500. By increasing her contributions, her estimated fund value on retirement at age 55 would be £51,500.

Maria’s AVC pot should give her a little extra to make up for a reduction in her main pension benefits because she has taken them before her normal pension age.

Go to our AVC top up calculator if you'd like to work out your own figures.

 

Retirement felt like a lifetime away when Ali started her AVCs

Age started contributions: 34
Contribution years to date: 20
Current monthly contribution: £250
Current estimated AVC fund value: £90,700

Wants to retire: 63
Remaining contribution years: 9
Increase to monthly contribution: £150
New total monthly contribution: £400

Estimated AVC fund value based on current contributions: £160,000
Estimated AVC fund value based on new contributions: £180,000

Ali case study image

When Ali started her AVCs 20 years ago, she just couldn’t imagine a time would come when she would retire. But now it’s just a few years away so she reviews her current AVCs and decides to increase her monthly contributions. This is to make the most of the tax savings she’s entitled to by saving with AVCs.

If Ali carries on saving £250 a month instead of £400, with the help of tax savings and growth, her estimated fund value at retirement would be £160,000. By increasing her contributions, her estimated fund value on retirement at age 63 would be £180,000.

Now that she’s getting closer to the end of her career, Ali feels she should increase her AVCs to help her achieve the lifestyle she wants.

Go to our AVC top up calculator if you'd like to work out your own figures.

 

Dan was late starting AVCs

Age started contributions: 50
Contribution years to date: 8
Current monthly contribution: £175
Current estimated AVC fund value: £19,700

Wants to retire: 60 
Remaining contribution years: 2
Increase to monthly contribution: £275
New total monthly contribution: £450

Estimated AVC fund value based on current contributions: £25,600
Estimated AVC fund value based on new contributions: £32,500

Dan case study image

Although Dan only started paying into his AVCs eight years ago when he was 50, he wants to make the most of the tax savings and any potential growth so he’s increasing his contributions for the two years he has left before he retires. This should give him and his partner some extra money to live on.

If Dan keeps saving £175 a month instead of £450, his estimated fund value on retirement at age 60 would be £25,600. By increasing his contributions, his estimated fund value on retirement at age 60 would be £32,500.

This change could make a difference to the value of Dan’s AVC pot at retirement and he will be benefitting from tax savings while he’s making his contributions.

Go to our AVC top up calculator if you'd like to work out your own figures.

 

Anil wanted an additional pot of money when he retired

Age started contributions: 45
Contribution years to date: 15
Current monthly contribution: £350
Current estimated AVC fund value: £85,500

Wants to retire: 68 
Remaining contribution years: 8
Increase to monthly contribution: £125
New total monthly contribution: £475

Estimated AVC fund value based on current contributions: £156,000
Estimated AVC fund value based on new contributions: £170,000

Anil case study image

Anil started AVCs so he would have an additional pot of money when he retires at age 68. He doesn’t expect to want to access his AVCs for a number of years when his grandchildren need help repaying student loans. Therefore with this in mind, he decides to increase his AVCs knowing he can access his AVC pot even after he’s retired.

If Anil increases his contributions from £350 to £475 a month, his estimated fund value onretirement at age 68 would be £170,000.
Anil knows that by increasing his AVCs now, his AVC pot could have more time to grow until he is ready to access it.
 
Go to our AVC top up calculator if you'd like to work out your own figures.

 

The figures do not take inflation into account which means that the purchasing power of your fund value will be reduced in future. The figures assume 5% growth each year. The value of your fund can go down as well as up and you may not get back the amount you put in. The figures assume annual management charges of 1% each year. Your charges may differ. Charges can vary in the future and may be higher than they are now.
 The impact of taxation and any tax savings depends on individual circumstances and may change in the future.

AVC top up calculator - what difference could a little extra make?

You know or can easily find out how much you have in your AVC pot, so why not use the top up calculator to see what an increase to your monthly contributions could turn into. The figures in ‘Your summary’ are only a guide based on the changes you make to ‘Your details’ below. For illustrations, please read the Key features illustration document in the ‘Increase your AVCs’ section of this site.

Your details

How do I find this?

Please note you can contribute up to your 75th birthday as long as you are a member of your main pension scheme

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Your summary

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Your new estimated AVC fund value includes

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Important information

  • The figures are for illustrative purposes only and are not guaranteed.
  • The figures assume 5% growth each year. The value of your fund can go down as well as up and you may not get back the amount you put in.
  • The figures assume annual management charges of 1% each year. Your charges may differ. Charges can vary in the future and may be higher than they are now.
  • The calculator does not take inflation into account which means that the purchasing power of your fund value will be reduced in the future.
  • The calculator does not take into account annual or lifetime allowances. Please read Important information about pensions allowances as the Government can change these allowances from time to time.
  • The tax you pay depends on your individual circumstances. HM Revenue & Customs tax rules may change in the future.

Investment choices made simple

1. Understand the simple investment options you can change to at any time

Default investment option

For members who don’t want to choose themselves. Check your Fund Guide to see if there's a default investment option.

Lifestyle options

Lifestyling aims to provide long term growth with automatic switching of your money into different funds to protect the value of your AVC pot as you get closer to taking your benefits. Have a look at your Fund Guide to see if there's a lifestyle option.

Choose your funds


This is the full range of funds available to you. You can choose any combination of these funds, up to a maximum of 10 in total.

To help you choose, or read our 'Interactive guide to pension funds'.

 

2. Read about the funds available to help you decide


  • Review your investment choice and if you want to change it, read your Fund Guide. Your Fund Guide gives useful and important information to help you decide how you want to invest your AVC pot.
  • The options available to you are not recommendations by Prudential.
  • When choosing fund(s), there are some things you should think about including how long you want to invest for and your attitude to risk.
  • Remember, if you want more information on a fund before you decide to make a change, click on the fund name in your Fund Guide and it will take you to the fund factsheet.

3. Make a note of your choice

  • You can make a note of your choice now so you have it to hand when you increase.

  • Don't worry, you can always change your mind again when you fill in the online form to increase your AVCs.

Your AVC pot is an investment and the value of your investment could go down as well as up and you may not get back the amount you put in.

Increase your AVCs

To increase your AVCs online, you will need to have
  • bullet approximately 10 minutes
  • bullet your employer scheme name, etc.
  • bullet your payroll address
  • bullet decided how much to pay in
  • bullet your payslip (National Insurance number, reference number, salary, etc.)
You will need to call us if
  • bullet you want to make a one-off contribution through your salary and are not paid monthly
  • bullet you want to contribute more than 80% of your gross regular pensionable pay or exceed the £40,000 annual allowance.
  • bullet you want to make a one-off contribution by cheque

View an example payslip

Read these documents as these give you important information about the key risks and benefits of the product to help you make a decision

We recommend that you download and save and/or print all these documents for future reference. Read instructions on how to do this.

  

Important information

Prudential has given no advice on this investment. If you are unsure as to the suitability of this product, please get financial advice.

Ready to increase your AVCs?

Our online form is easy, secure and available 24 hours a day. You don't need your bank account details.

Once you start this application, any data you enter will be temporarily stored by Prudential and its business partners. The data will be deleted if you don’t submit the form, unless you’ve asked us to contact you to help you complete it.

 

If JavaScript has been disabled within your browser, the content and functionality of the online form might be limited or unavailable. See instructions for enabling JavaScript. We would also recommend you upgrade to the latest version of your internet browser for an optimal experience.  

Once you've increased your AVCs you will receive a confirmation email and remember you can go online at any time to manage your plan - see our Online account user guide.

Speak to a Retirement Specialist to increase your AVCs by phone

If you have any questions about starting or increasing AVCs, speak to one of our friendly Retirement Specialists based in our Reading office.

0800 640 9145

Monday to Friday from 9am to 6pm

Although they're not able to give you financial advice, they can give you factual information and chat to you about your personal situation.

For general enquiries about your existing AVC, please call our servicing team on 0345 6000 343. Lines are open from 8.30am to 6pm Monday to Friday.

* We will call you from 0800 316 4411 when we contact you about your enquiry.