If you’re a member who took out Additional Voluntary Contributions (AVC’s) before 1 April 2014, you’ll have been restricted to paying a maximum 50% of your gross salary into an AVC arrangement. You can now potentially pay a 100% of gross salary including any voluntary or contractual overtime, which brings your AVC arrangement in line with contracts taken out after this date.
If you leave the Scheme with a deferred benefit, you can now use your AVC to buy additional pension from the Fund, when you take your main Scheme benefits. Previously, members could only select this option if they were a retiring contributing member.
On taking your main scheme benefits, you must also take your AVC.