Additional Voluntary Contributions

Contributions above 8% are known as AVCs.

Additional Voluntary Contributions (AVCs) are extra payments you can make to help increase your benefits at retirement. They are invested in exactly the same way as your core contributions. 

Your contributions up to 8% of pensionable salary are particularly valuable in your retirement saving because they receive Match Plus contributions from the Company. However, you don’t need to stop at the 8% level because contributions above that are still very worthwhile in boosting your pension.

In particular, AVCs:

• are deducted directly from your pay and are also paid through salary sacrifice so you get National Insurance relief and they are free from tax at your highest rate
• are invested alongside your core contributions and the Company's Match Plus contributions in the same investment funds you select
• can be changed at any time subject only to one month’s notice as required for payroll administration.