AVCs
Additional Voluntary Contributions – or AVCs – are extra payments you can make towards your pension, aside from your contributions.
AVCs may suit you if:
- you want to boost the overall level of your pension savings
- you have large earnings which don’t qualify for your pension, such as overtime or bonuses
- you want to consider claiming your benefits early (if you are eligible)
You can pay Additional Voluntary Contributions (AVCs) into a separate account. You choose how to invest this account from a selected range of funds, and use the money built up in it towards extra benefits in retirement.
You can make extra contributions above the 6% rate as long as your total contributions to the Group don’t go over 15% of your taxable pay.
Tax relief applies to extra contributions as well as standard contributions. Download the handy leaflet, 'Saving More' below.
