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 ?
Essex county council (ecc) is exploring the option of offering a shared cost additional voluntary contributions (avc) benefit scheme to employees.
Alternatively, you could achieve the same result by paying additional voluntary contributions (AVCs) into your occupational scheme.
The study suggests specialized fund managing institutions would run the proposed fund, which will employees' monthly deductions and the additional voluntary contributions, "to invest it in an optimal way that ensures good financial returns for the employees."
His tax-free lump sum due of around PS160,000 is in addition to this, while the saver has also been paying additional voluntary contributions now worth PS100,000.
The study also showed 97 percent make mandatory contributions, while 64 percent make additional voluntary contributions. Manulife Philippines chief investment officer Aira Gaspar urged Filipinos to make regular contributions to a diverse portfolio of investments.
The four bookmakers will underwrite a combined contribution payable through the statutory Levy of not less than PS47.5m per year, as well as the additional voluntary contributions. With the announcement of the 53rd Levy Scheme also arriving, total income to the Levy Board from bookmakers in 2014-15 is estimated to reach PS80.2m, including Betfair's PS7.8m contribution.
A provisional budget of $23.9 million was agreed for 2011, with a core budget of $13.3 million funded by voluntary contributors and the remainder made up by additional voluntary contributions from the UAE, Germany and Austria.
I also paid Additional Voluntary Contributions into an Abbey National pension plan.
BBC, found that the fall occurred across a range of plans, including private pension and company direct contribution schemes, as well as additional voluntary contributions made to final salary pots.
These extra payments are known as Additional Voluntary Contributions (AVCs).
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