Making your choices
This section provides you with details on how to go about making your AVC choices. Click on the question relevant to you for further details:
How do I make or increase my AVC contributions?
How can I transfer my existing funds?
How do I direct future AVC contributions to be paid to a different AVC fund?
How do I make or increase AVC Contributions?
If you would like to make or increase your AVC contributions please read the following carefully before completing your application. You can apply online through the Pensions Portal.
Please note:
- amounts must be in whole pounds;
- reductions will commence at the next available pay date; and
- AVCs can be increased at any time.
When completing the forms, you are asked to choose between an AVC fund invested with LGIM, Standard Life or Santander. You can pay your contributions to one or more of these funds.
AVCs under SMART Pensions can only be reduced as at 1 October in each year, or if there is a recognised lifestyle change.
Think it over carefully before you make any decision.
How can I transfer my existing funds?
You can choose one or more of the AVC funds to invest in, and you can move your investments from one fund to another. For example, you may wish to consider moving your entire AVC fund to the Santander account when you are near retirement if you think the value is less likely to fluctuate. A limited number of switches can be made without any charge, but you will be advised if more frequent transfers will incur a charge.
If you wish to transfer some or all of your existing AVC funds to other funds within the AVC facility, or you can action this online through the Pensions Portal.
How do I direct future AVC contributions to be paid to a different AVC fund?
You may wish to keep your existing funds invested where they are, but direct future contributions to one or more different funds.
If you wish to direct future contributions to a different fund or funds, or you can action this online through the Pensions Portal.
You can stop paying AVCs at any time, subject to sufficient notice. However, if you participate in Smart Pensions, contributions can stop only if you apply during the window of 15 September to 14 October of each year, or at any time if there is an accepted lifestyle change as set out below:
- marriage;
- birth or adoption of a child;
- separation or divorce;
- death of a partner or child;
- changes in working hours (for example from full-time to part-time); and
- relocation within the United Kingdom.
If you wish to stop paying AVCs, or you can action this online through the Pensions Portal.
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Frequent questions
Please click on the appropriate section: