Additional Voluntary Contribution


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Additional Voluntary Contribution

Also called an AVC. In the United Kingdom, a contribution to a pension over and above what one is required to contribute. For example, one may have a pension structured such that one makes a 100-pound contribution each month automatically. If one makes a supplementary 50-pound contribution, this is called an AVC. This may increase the benefits the pension pays after retirement. Employers sometimes match additional voluntary contributions.

Additional Voluntary Contribution (AVC)

an additional payment to a PENSION scheme, to supplement contributions to an occupational pension scheme.
References in periodicals archive ?
And some of the lump sum of pounds 17,000 I got for the pension was additional voluntary contributions which I paid in myself when there was a pensions holiday for a couple of years.
I make additional voluntary contributions of pounds 125 per month, as well as being a member of my company pension scheme.
One of the first considerations is to make the most of the very generous tax relief on pension contributions either to a Personal Pension or as Additional Voluntary Contributions into a company scheme.
If you haven't been in the scheme all your working life you should top up your pension by making Additional Voluntary Contributions - AVCs for short - either into your firm's scheme or to another pensions provider.
The group's new report said allowing people to access additional voluntary contributions now could result in a windfall for the Exchequer of EUR600million.
Goodyear Dunlop said the proposed new scheme would replace both the company's so-called Hybrid Scheme (which combines a normal final salary scheme with additional voluntary contributions from members) and an existing "New Hire" DC scheme.
Top up your pension pot - pounds 739m could be spared by optimising contributions to personal or company pension schemes, or making Additional Voluntary Contributions.
Q I'M due to retire in September 2010 but would like to work a little longer while drawing benefits from my company occupational pension scheme and my additional voluntary contributions (AVCs).
n Look to top up your pension pot: another pounds 613 million could be saved by optimising contributions to personal or company pension schemes, or by making Additional Voluntary Contributions.
He had a lump sum from the additional voluntary contributions he paid into his pension, and a redundancy package.
Most of the rest went either long-term savings - such as extra personal pensions, additional voluntary contributions to company pensions and life policies - or straight into bank savings accounts.
Employees in occupational pension schemes - the ones run by your employer - can boost the amount of cash received on retirement by making additional voluntary contributions each month known as AVCs.