Each year we remind you of the option that is available to pay a lump sum Additional Voluntary Contribution (AVC) from your March pay to boost your 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 2022 salary, any bonus, or both your salary and bonus. Within the forms you will find full instructions for their completion and return. This includes the process to be followed if you do not have access to a printer or scanner.
The deadline for returning the completed form for the deduction to be made by payroll was 4 February 2022. As this deadline has now passed it is your responsibility to pay any lump sum by direct bank transfer to the Trustee prior to 11 March 2022 (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.