Additional Voluntary Contribution (AVC) as the term implies is an extra amount of money one voluntarily contributes (in addition) to the already existing compulsory monthly pension contribution.

Please note that you do not need to open a separate pension account or fill any additional forms as this contribution would be made directly to your already existing pension account.

All you need do therefore is:

• Decide on an amount that is convenient for you to contribute in addition to your pensions
• Notify your Employer of your intention to make AVCs and advice they include the agreed additional amount to your pension contribution on a stipulated, periodic basis, (monthly, quarterly or biannually, etc)

AVCs are however peculiar because they can be withdrawn at anytime and there is a tax benefit if left for a period of five years and over. with all contributions made in a single calendar year treated as a single block.

AVC requirements.

• AVC form