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Application to switch investment options for future AVCs

Application to switch investment options for future AVCs 2025

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The document is an application form for members of the Xerox Additional Voluntary Contribution (AVC) Plan who wish to change their investment options for future contributions. It outlines the process for switching investment strategies, including a Lifestyle Strategy and a self-select approach, and provides instructions on how to complete and submit the form. Additionally, it includes important notes regarding data protection and personal information handling.

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Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Can I take my AVC fund as cash?

You can take some or all of your AVC fund as a tax-free cash lump sum* but you can only take it all as a lump sum if you take it at the same time as your main LGPS benefits and provided, when added to your LGPS lump sum, it does not exceed 25% of the overall value of your LGPS benefits (including your AVC fund).

Can I withdraw my AVC early?

You can take a once-off withdrawal of up to 30% of the value of your AVC fund, prior to retirement.

Can you withdraw from an AVC?

Additional Voluntary Contribution (AVC) Once you retire you can use your AVC in a few different ways: Withdraw some or all of it as a cash lump sum (usually free of tax)* Put the money into an ARF/AMRF, to have as extra money when youre older. Buy an annuity.

Can you take AVC early?

Just like your main LGPS pension, you can usually access your AVC any time from the age of 55 or leave it (defer) until youre aged 75.

Can I change my pension investment?

If you have taken Retirement Account through a financial adviser, you should discuss your investment options with them first before proceeding. If you have taken your Retirement Account out directly you can switch funds, but you may still want to talk to a financial adviser.

When can I withdraw my AVCs?

You have a number of options to choose from when you decide to take money from your AVC pot, which you can currently do from age 55 (57 on 6 April 2028 unless you have a protected pension age), or possibly earlier if youre in ill health. These options give you greater choice and control over how and when you retire.

Can AVCs be transferred?

You can transfer your AVC fund to another pension scheme or arrangement, including to a scheme that offers flexible benefits, independently of your main Scheme benefits; and provided you have stopped paying AVCs, you can transfer your AVC fund even if you continue to contribute to the Scheme.

What is the default investment option for AVC?

Target Flexible Drawdown is the default option for AVC Extra members. You should check your fund choices regularly to make sure that theyre still right for you. If you are investing in a Lifestyle strategy you should think about choosing your Target Retirement Age (TRA).

Application to switch investment options for future AVCs 2025

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