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 ?
Top up your pension pot - pounds 726m could be spared by optimising contributions to personal or company pension schemes, or making Additional Voluntary Contributions.
Alternatively, you could make additional voluntary contributions, of which there are a number of different types As this is a complicated area, I would suggest you seek advice and guidance from a qualified financial adviser
n Failure to arrange a pension: up to pounds 613m of tax would be saved if we maximised contributions to personal or company pension schemes, or made Additional Voluntary Contributions offered by employers.
I pay pounds 2,600 a year in Additional Voluntary Contributions to a pension scheme, tot alling pounds 33,000 sofar.
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.
Additional voluntary contributions are expected from mainly three sources such as the UAE's bid implementation agreement, from Germany for the operation of the Irena Innovation and Technology Centre (IITC) in Bonn, and from Austria for the operation of the Irena Liaison Office (ILOV) in Vienna, the official said.
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.