Each year we remind members of the option that is available for them to pay a lump sum Additional Voluntary Contribution (AVC) from their March pay to boost their pension savings.
If you are interested in exercising this option you will need to complete an ‘Application to pay lump sum AVC’ form, which can be found on the right hand side of this page. Please ensure that you download the correct form for your section of the Scheme. Please note that this form is to be used for the payment of any lump sum AVC from your March 2021 salary, any bonus, or both your salary and bonus.
If the deduction is to be made by payroll you will need to return the completed form by 5 February 2021. If you miss this deadline it will be your responsibility to pay any lump sum by direct bank transfer to the Trustee prior to 12 March 2021 (this payment will be for the gross amount, and it will then be your responsibility to reclaim the tax relief from HM Revenue & Customs through your annual tax return).
Before deciding whether you wish to make a lump sum AVC please ensure that you read the ‘Important notes on taxation’ which can be found within the application form.