Maximising Additional Voluntary Contributions (AVCs) for 2023-24
The maximum you can pay in AVCs to the Fund is 15 per cent of gross earnings less your standard Pension Fund contributions.
If you are considering maximising your AVCs before the tax year end you need to make sure you allow enough time for your request to be processed. The pensions team will need to check that the amount you are planning to pay does not take your total contributions above the maximum limit and the payroll team will then need to update the payroll system to amend your AVC deduction.
In addition, you'll need to consider the impact to your overall pension benefits as well as the impact on your pension input and Annual Allowance for the tax year.
For more information please refer to your annual benefit statement and the guide to additional voluntary contributions. The final dates by which we must receive any requests to meet the payroll cut off dates are as follows:
|Payroll group||Cut-off date|
|Payroll group 10||Tuesday 5 March 2024|
|Payroll group 11||Tuesday 5 March 2024|
|Payroll group 15||Tuesday 5 March 2024|
|Payroll group 20||Wednesday 13 March 2024|
|Payroll group 25||Wednesday 13 March 2024|
|Payroll group 42||Thursday 7 March 2024|
|Payroll group 61||Wednesday 20 March 2024|
If you are not sure which payroll group you are paid under, please check your latest payslip.
For further information, contact the Fund Office on 01737 235 298.
15 November 2023