Additional Voluntary Contributions (AVCs): Who Qualifies and What You Get
Learn how to boost your retirement income through Additional Voluntary Contributions (AVCs) and the tax-efficient benefits available to you.
Additional Voluntary Contributions (AVCs) allow you to put extra money into your pension to increase the amount you receive when you retire.
Who it's for
This is for current members of the scheme who want to boost their total retirement income.
What you get
You receive a way to make tax-efficient savings. These extra contributions go toward your pension pot, helping to increase your total savings for when you stop working.
What it costs you
The money is taken directly from your pay, either through a deduction from your take-home pay or via salary sacrifice.
The catch to know
There are annual allowance limits on how much you can contribute while still receiving tax relief. You should check these limits to ensure your extra contributions are handled efficiently by the tax office.
How to apply
- Check your current pension status with your scheme provider.
- Decide how much extra you want to contribute from your pay.
- Contact your scheme provider to set up the additional payments.