Boosting your pension with Additional Voluntary Contributions

Members can set up an Additional Voluntary Contribution via their online account, which would be deducted from salary via payroll.  This way the tax relief is received automatically.

Members need to log in to their online account at http://www.lifesight-epa.com/.

• Once logged in, at the top of the page, go to: My Contributions > Review and Change my Contributions
• To set up an Additional Voluntary Contribution, scroll down and click: Optional contributions > Change my Contributions, then follow the instructions on the page.
• Any change will then be visible on the My Contributions > Review and Change my Contributions page.

Members can change or remove their AVCs on a monthly basis if they wish to. The deadline to change contributions is the last day of the month for the next month’s payroll e.g. a change made by 31 March would take effect in April pay.

Additional one-off Contribution outside of payroll

If a member wants to pay an additional contribution outside of payroll, they are able to make a direct contribution to their LifeSight account.

All contributions made under this arrangement must meet the following criteria:

• This facility can only be used once in a tax year
• Contributions cannot exceed 100% of the member’s eligible earnings during a tax year.
• Contributions must be received by LifeSight by 5th April at the latest to ensure contributions are allocated on the member’s record in the current tax year. 
• Members must either be Active members (i.e. still employed by ENWL) or if the lump sum is related to a redundancy payment, and they have already left employment, they can make a payment to their open deferred account as long as the payment is made to LifeSight within 6 months of the member’s date of leaving or within the same tax year of date of leaving, if later.
• Ordinary deferred members (i.e. who have not received a payment relating to redundancy they are seeking to pay into their LifeSight account) are not able to make additional direct contributions.

 Please note that the following conditions apply to such contributions:

• Contributions to LifeSight will be invested in accordance with the member’s current investment strategy selection on the investment of future contributions. They can view their investment strategy by logging in to their online account at http://www.lifesight-epa.com/ and going to ‘My Investments’ > ‘Review and Change my Investments’ section of their LifeSight account. LifeSight are unable to process any instructions on investing monies via email or investing their one-off contribution in a manner different to their current investment strategy for future contributions.
• The member is responsible for reclaiming any tax from HMRC in relation to this contribution. Once funds have been transferred to LifeSight, a confirmation letter will be provided that can be used to claim tax relief.
• LifeSight cannot provide members with any tax advice.
• Funds will only be invested once a confirmation email has been received from the member advising of the amount and the date the monies have been paid to LifeSight.

Members wishing to make a one-off

• Email lifesightsupport@wtwco.com to notify them of their intention to transfer funds. In this email they should include the date payment was made, their account reference number and the amount paid.
• Transfer the funds to:

• The member should ensure that they include their LifeSight account reference number when they make the payment – this will allow them to identify and retrieve the monies.

It can take up to 3 weeks from payment of their contribution to investment and allocation to show on their online account.

If you have any questions about contributions, please get in touch with the ENWL pensions team.