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.