It’s never too soon or too late to think about the difference you could make to your lifestyle later in life. In addition to your teachers’ pension scheme, Additional Voluntary Contributions (AVCs) could be just the thing to help your retirement pot go further.
Watch the videos to find out how AVCs could help you. We cover the basics and all the important details too. AVCs are investments so the value can go down as well as up and you may get back less than you put in.
Understanding your AVC
What's an AVC?
A quick introduction to AVCs and how they workRead more
AVCs and tax savings
The impact of tax savings on your AVCRead more
How AVCs could help you
How AVCs could fit into your plans for the futureRead more
Flexible paying in, flexible paying out
Choose how you build and access your AVC potRead more
Christine's had a career break to raise her children and thinks AVCs could help her fill the gaps in her retirement savings.
Frank is close to retirement, but thinks AVCs could give his retirement savings a boost, making his retirement dreams a reality.
Arjun thinks he could use AVCs to potentially retire early, or gradually, without reducing his pension benefits.
Kassie thinks AVCs could be a great way to save so she can help her daughter in the future, either with a student loan or buying her first house.
AVC calculator - what could you get?
Now you are becoming more familiar with how an AVC works, use the AVC calculator below to see what your monthly contributions could turn into. By changing the figures in 'Your details' below you can work out how much you might need to achieve your retirement goals. The figures in ‘Your summary’ are only a guide based on the details you enter. For illustrations, please read the Key features illustration document in the 'Apply' section of this site.
Default investment option
If you’d rather not make your own investment choice, this option could be for you.
This option 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.
Choose your funds
If you’re comfortable choosing your own funds, you can choose up to ten from the risk rated funds available. This could be a good choice if you’re happy being in charge of your investments and fully understand the risks involved.
2. Read about the funds available to help you decide
- Check your Fund Guide for more information and to see which of these options are available to you. If you want information on a particular fund, click on the fund name in your Fund Guide to go to the fund factsheet.
- It’s up to you to decide which investment option is right for your needs. Watch our 'Understanding your investment options' video for more information.
- These options aren’t a recommendation from Prudential. If you’re still unsure, speak to a financial adviser.
3. Make a note of your choice
- You need to choose which investment option you want before you apply. Once you’ve made a decision, write it down so you have it to hand when you apply.
- And don’t worry, you can change your investment choice at any time in the future – before, or after you’ve applied.
AVCs are investments so the value can go down as well as up and you may get back less than you put in.
Before you apply for AVCs
It takes approximately 10 minutes to apply, and you can do this online or by calling us.
To apply, you need:
- bullet your payslip
- bullet your investment choice
You'll need to call us if:
- bullet you want to make a one-off contribution by cheque or through your pay and aren't paid monthly
- bullet you want to contribute more than 80% of your gross regular pensionable pay or exceed the £40,000 annual allowance
You need to read the documents below before you apply. They have important information about the key risks and benefits to help you make a decision.
Download and save and/or print these documents for future reference. Read instructions on how to do this.
Once you've applied, you’ll receive a confirmation email. Remember you can register to manage your AVC plan online. Take a look at our online account user guide to see how you can get started.
Speak to a Retirement Specialist or apply by phone
You can also start your AVCs by calling our Retirement Specialist Team. They can’t give you advice, but they can help answer any questions you have about AVCs.
Monday to Friday from 9am to 5pm
To decrease your AVCs or for general enquiries about your existing AVC pot, please call our servicing team on 0345 600 0343. Lines are open Monday to Friday from 8.30am to 6pm.