If you retire on the grounds of redundancy, ill health, early retirement or at normal pension age there are different ways you may be able to use your in house Additional Voluntary Contribution (AVC) fund:
- Buy an annuity
- Buy a Top-up Local Government Pension scheme (LGPS) pension
- Take your Additional Voluntary Contributions (AVCs) as cash
- Buy extra membership in the Local Government Pension Scheme (LGPS)
- Transfer your AVC fund to another pension arrangement
Guidance and regulations
Deciding how to use your AVC plan may be one of the most important financial decisions you are likely to make. From 1 June 2022 new regulations are in force. They encourage you to consider pensions guidance or independent financial advice to help you when you wish to take your AVC’s.
If we receive your application to take AVC’s on or after 1 June 2022, you must notify us that you have received pensions guidance or that you have chosen not to. We will not be able to proceed with the payment of your AVC’s without this confirmation from you.
Pension Wise is a free, impartial service provided by the government website MoneyHelper. They provide guidance to help you understand your AVC options. Find out more about Pension Wise on the MoneyHelper website
As your pension provider, we can arrange an appointment on your behalf. If you prefer, you can make your own arrangements by calling 0800 100 166 or visit the MoneyHelper website and book a Pension Wise appointment
If you decide to choose:
- us to make a guidance appointment on your behalf, or
- not to receive guidance
please let us know by completing the online enquiry form
Payment of AVCs at retirement
There may be a delay in the payment process. This is because we must work with your AVC provider to arrange payment of the fund value from their scheme.