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While you’re an active member, there are ways you can increase your benefits for when you retire.

AVCs are extra payments you can make to top up your retirement savings.

If you’re a LifeSight member the AVCs are paid into your LifeSight Account along with your normal contributions. If you’re a defined benefit member the AVCs are paid on a defined contribution basis and go into a fund with LifeSight, which is separate to your normal Scheme contributions.

You decide how much you want to pay (subject to limits) so you can make sure it’s affordable for you.

What’s more, the Company collects contributions before your wages are taxed (just like your normal contributions), so you get tax relief immediately!

Select from the options below to find out more.

Added years AVCs

If you are an ESPS member of the defined benefits section, you may be able to pay AVCs to buy added years service, which will be added to your pensionable service when your retirement benefits are calculated. You can find more information on added years AVCs in the main ESPS Members’ guide or contact the pensions team.

Want to start paying AVCs?

If you wish to start paying AVCs on a defined contribution basis, please log in to your LifeSight Account and select the My Contributions tab. All the information to help you choose which fund(s) to invest in can be found within your LifeSight Account.

How do AVCs work?

Your AVCs will be paid into the investment funds you choose. More information about the investment options can be found within your LifeSight Account. The value of your LifeSight Account when you retire will depend on the performance of your chosen funds and how much you pay in.

You can watch this video to learn more about risk and reward, which may help you decide which funds to invest in.

Before making any decision about your investments, you may want to consider seeking independent financial advice. You can find details of advisers in your local area at www.unbiased.co.uk.

Already paying into AVCs?

If you’d like to change the amount of AVCs that you are paying, please log in to your LifeSight Account and select the My Contributions tab.

Remember, you should check your investment funds regularly to make sure they’re still suitable for you.

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