Additional contributions made voluntarily by company pension scheme members to boost their eventual retirement income. They are organised on a group basis, unlike FSAVC's and must not exceed 15% of remuneration when added to any existing scheme contribution.
An option available to individual members to secure additional pension benefits by making regular payments to the Avon Pension Fund's AVC provider up to a maximum of 15% of total earnings. (Scheme members will already be paying either 5% or 6% of Pensionable Pay to the Avon Pension Fund to secure the basic pension so that a further 9%/10% can be paid in the form of AVCs).
AVCs are a top-up payments made by people into their pension schemes to boost their eventual retirement income. There are two types of AVC. Additional voluntary contributions (AVCs). This type of top-up policy is run by employers, and contributions are normally taken from the employees pay. Free-Standing AVCs (FSAVC). A top-up pension policy that is taken out with an investment firm, and is separate to an employer's pension scheme. AVCs tend to be cheaper to make because the administration cost are lower as the employee will already be in the pension scheme. An FSAVC may be slightly more expensive due to an another company making the investment to make your money grow. The total amount that can be paid into a pension from all sources, including FSAVCs and AVCs must not exceed 15 per cent of your earnings in any tax year. Tax relief is also received on AVCs at your basic rate, as with other pension contributions.
Your company pension plan must also offer you the opportunity to make Additional Voluntary Contributions (AVCs). These are regular or lump sum payments into your existing pension fund, which will enhance your final income on retirement. back
You can make "additional voluntary contributions" to enhance your pension if you belong to an employer's pension scheme. You can pay these additional contributions into your employer's pension scheme or your own FSAVC Scheme (Free Standing Additional Voluntary Contributions). There is generally a maximum limit of 15% of remuneration in the case of Inland Revenue approved schemes.
Employees can choose to make individual additional voluntary contributions out of their salaries to an employer-sponsored scheme to secure additional pension benefits on retirement. Such payments qualify for tax relief at the maximum level, although the ultimate benefits must not exceed two-thirds of the final salary and the contribution level should not exceed 15% of the employee's total remuneration package (including taxable benefits) in any one year. Employees have the right to select their own personal schemes which can be quite separate from any existing arrangements, although though such a scheme can only be used to enhance pension (rather than cash) benefits on retirement. If an employee selects a plan separate from the employer-sponsored scheme it is known as a free standing additional voluntary contribution.
Pension contributions over and above the pension scheme member's normal contributions, which secure additional benefits for the member or his or her dependants.
Contributions you choose to pay on top of your ordinary contributions to an occupational pension scheme. The scheme or provider invests them and uses them to give you an extra pension.
Contributions over and above a member's normal contributions if any, which the member elects to pay to the scheme in order to secure additional benefits.
Schemes that allow individuals to try and enhance their pensions - they allow tax relief.
Employee contributions paid into a salary related occupational scheme over and above the normal contributions required by the scheme rules. This can be a useful means of getting additional benefits from an occupational scheme.
Members can make AVCs to their occupational scheme. This enables them to top-up their benefits.
These are as they sound i.e. further voluntary contributions that can be made by members to their pension scheme that will help to boost their final sum and therefore retirement income.
The extra amounts of money you may choose to save in order to enhance your occupational pension.
Any additional amounts of money that you may choose to save in order to improve your retirement benefits.
AVC) Non-compulsory payments made by a member of an employer's pension scheme who wants to boost their retirement benefits.
Many try to enhance their occupational pension schemes by paying into one of these plans. Watch out for the hefty charges and dismal underperformance, though. Like Personal Pension Plans, they attract tax relief.
members of occupational pension schemes can choose to pay extra contributions to improve the benefits they receive at retirement. This may either be an AVC arrangement run by their scheme or a free-standing AVC scheme run by a building society for example.
Pension plans that have some companies matching your individual contribution. Employees can deposit additional sums to the plan up to a certain amount. These plans are generally tax deferred retirement plans for employees.
Personal pension contributions made by someone who is also a member of an occupational scheme as a top-up to their occupational entitlement.
You can make extra tax-free payments on top of your BA scheme to provide additional benefits for you and your dependants when you retire, die or leave the scheme.
Contributions to a pension plan made by a plan member beyond any amount that the member is required to contribute.
These are contributions made to HOOPP that are not required by the Plan. Members have not been allowed to make AVCs by payroll deduction since 1987.
Employee contributions over and above any compulsory contributions to a tax-approved occupational pension scheme. Tax law limits the total value of contributions that can be made.
Additional contributions made by pension scheme members to top up their eventual retirement income.
Where a member of an employer's sponsored pension scheme chooses to boost their retirement benefits by making additional payments into their employer's AVC scheme.
Employers frequently establish qualified tax-deferred retirement plans for eligible employees. Some employers match employee contributions to a predetermined maximum percentage level. Beyond any matching amount, employees are permitted to deposit additional voluntary contributions, usually pre-tax, up to a scheduled monetary limitation.
A pension product that allows you to make extra contributions to your company pension. AVCs are money-purchase schemes. That means their final value depends on how well the funds are invested over the term between investment and maturity. Free Standing AVCs run alongside a company scheme. They enable you to put additional sums into a pension scheme different from the one run by your employer.
Contributions made by a member of an Occupational Pension Scheme, to that scheme, over and above the normal contribution level, in order to purchase additional retirement benefits.
