Application to Amend AVC Extra Contributions - Railways Pension ... 2025

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The document is an application form for members of the PM42 Railways Pension Scheme to amend their Additional Voluntary Contributions (AVC Extra). It outlines the process for making one-off payments or changing regular contributions, provides details on investment choices, and emphasizes the importance of seeking independent financial advice. The form also includes sections for personal details, contribution amounts, and a declaration regarding tax-free lump sums.

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What does voluntary retirement contributions mean?

Voluntary contributions are payments made to the retirement fund in addition to the retirement deductions that are withheld from your pay.

What is AVC additional voluntary contributions?

When you pay Additional Voluntary Contributions (AVCs), you build up a pot of money which is used to provide benefits on top of your LGPS benefits. AVCs are taken directly from your pay before your tax is worked out, so if you pay tax, you receive tax relief automatically.

What is the difference between a benefit pension plan and a contribution pension plan?

The benefits in most traditional defined benefit plans are protected, within certain limitations, by federal insurance provided through the Pension Benefit Guaranty Corporation (PBGC) . A defined contribution plan, on the other hand, does not promise a specific amount of benefits at retirement.

Are AVCs good or bad for pensions?

AVCs can be especially useful if you find yourself with money comfortably left over each month, or if you come into an additional sum of money beyond your usual monthly income (ie a bonus, inheritance, or large commission payment) and would like to invest more of this into your pension.

Should I use AVC?

Making regular AVC contributions can help you to build up a bigger fund for your retirement. Depending on your circumstances, you may not have the necessary income in retirement to maintain your current lifestyle. AVCs can be used to minimize any shortfalls in your benefits at retirement.

What is additional voluntary contributions to pension plan?

As a contributing member, you may choose to make tax-deductible additional voluntary contributions (AVCs), which are deducted by your employer from your salary. These contributions do not provide you with additional service but are rather like a separate retirement savings account, subject to certain limits.

What is AVC extra?

AVC Extra is an Additional Voluntary Contribution (AVC) arrangement which is available to members of the Railways Pension Scheme who want to make additional savings towards their pension pot for retirement, aside from what they already contribute to the Scheme.

Application to Amend AVC Extra Contributions - Railways Pension ... 2025

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