How AVCs work

Contributions

You choose how much you pay on a regular monthly basis. You can increase, decrease or even stop paying AVCs to suit any change in your financial circumstances. AVCs are not like normal savings and once paid must remain invested until you retire. At that time, they must be drawn together with your main Plan benefits. Your AVC’s currently receive tax relief at your highest marginal rate of tax.

Statements

Your AVC’s will be included with your PensionBuilderplus contributions, To keep you informed, you will receive a periodic statement at least once a year showing the current value of your account. You can also go online www.legalandgeneral.com/manageyouraccount and to request a statement anytime.

Charges

Legal and General

The investment management costs for your AVC’s will be met from the funds invested with Legal and General. The level of charges varies between the funds available. The current annual charges of the funds range between 0.08% and 0.25%.

Zurich

Since 1 November 2011, members have been unable to add further AVCs to the Zurich AVC funds.

There are varying charges for the different Zurich AVC funds. These charges are deducted from the individual funds.

In-house

Since 1 November 2011, members have been unable to add further AVCs to the In-House AVC fund.

There are no charges for funds invested with the in-house AVC section.