Maximising Additional Voluntary Contributions for 2018/19

With the tax year end fast approaching many members look to maximise their AVCs under the TfL Pension Fund.

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 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 available on the Pension Fund website

The final dates by which we must have received any requests to meet the payroll cut off dates are:

The final dates by which we must have received any requests to meet the payroll cut off dates are:

Payroll Group Cut-off date
Payroll group 10 Wednesday 13 March 2019
Payroll Group 15  Wednesday 13 March 2019
Payroll Group 20 Wednesday 27 February 2019
Payroll Group 25 Wednesday 27 February 2019
Payroll Group 40 Friday 22 February 2019
Payroll Group 42 Friday 8 March 2019
Payroll Group 61 Friday 22 March 2019

If you are not sure which payroll group you are paid under, please check your latest payslip.

If you require further information, contact the Fund Office on 020 7918 3733 (auto 43733).