Application to Amend AVC Extra Contributions - Railways Pension ... 2026

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The document is an application form for members of the PM42 Railways Pension Scheme to amend or make additional voluntary contributions (AVC Extra) to their pension. It outlines the process for changing regular contributions, making one-off payments, and selecting investment options. The form emphasizes the importance of independent financial advice and includes sections for personal details, contribution amounts, investment choices, and data protection compliance.

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Click ‘Get Form’ to open it in the editor.
Begin by filling in your personal details. Ensure you use BLOCK CAPITAL letters for clarity. This includes your full name, title, National Insurance number, home address, gender, and date of birth.
Next, indicate any changes to your regular contributions. Specify the amount you wish to contribute each pay period and select your pay frequency (weekly, fortnightly, etc.).
If making a one-off payment, choose between deducting it from your pay or sending it directly to RPMI. Fill in the appropriate amount and tick the corresponding box.
Select your investment choices. You can opt for a Lifestyle Strategy or choose specific funds. Ensure that the total percentage equals 100%.
Set your Target Retirement Age if different from the default Pension Age. This will help manage your investments as you approach retirement.
Finally, sign and date the declaration confirming that no payment is funded by a tax-free lump sum from another pension scheme before submitting it to HR or payroll.

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2018	4.6 Satisfied (33 Votes)
2015	4.9 Satisfied (55 Votes)

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How do I add an AVC to my pension?

If you want to set up an AVC, either as a one-off lump sum payment or as a regular deduction from your salary on top of your normal pension contribution, you can arrange this by completing an Application to Pay Additional Voluntary Contributions form and then giving this to your employer.

What is the difference between additional pension contributions and additional voluntary contributions?

An APC allows you to buy extra LGPS pension, whilst AVCs allow you to build up a pot of money with an external provider which can then be used to top up your LGPS pension when you retire.

Which is better, AVC or APC?

APC Advantages Youre buying a guaranteed amount of pension, which increases in line with inflation. AVCs can be used in a number of different ways at retirement; can be used to provide extra Scheme pension and/or a tax free lump sum (in some cases, up to the whole of your AVC pot can be used to provide tax free cash).

Can I make additional contributions to my pension?

You can pay for the extra pension by paying Additional Pension Contributions (APCs) over a number of complete years or by paying a lump sum. The cost of buying extra pension depends on your age, how much yearly pension you buy and how you choose to spread the payments.

Should I make additional voluntary contributions to my pension?

By paying extra in, youre more likely to grow your retirement savings especially if the money will stay invested for a number of years before you plan to take it. But, like all investments, your pension can rise and fall in value until you take the money so theres no guarantee your pot will grow.

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