AVCS Additional Voluntary Contributions Definition

Question - What Does The Term AVCS Additional Voluntary Contributions Mean?

Answer - (AVCs) otherwise known as “Additional Voluntary Contributions“, are a way of making extra contributions on top of an occupational pension. Any employer that provides an occupational pension must provide an AVC scheme. Employees can contribute to this (up to a limit set by the Inland Revenue of 15% for all pension contributions) to build up extra pension. AVCs started after April 7 1987 can only be used to buy annuities. An alternative (except for highly paid staff) is a stakeholder pension. These can also be used as a top up to an occupational pension.

If you would like to search for Graduate as well as other types of jobs please visit our Home Page