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Q: I am in my employer's pension scheme, but 20 years ago I also started paying Additional Voluntary Contributions into a top-up scheme run by Axa Sun Life.
If You Save: Top up your pension pot - pounds 656m could be spared by optimising contributions to personal or company pension schemes, or making Additional Voluntary Contributions.
I always believed that you weren't allowed to take a tax-free sum from Additional Voluntary Contributions.
Pension scheme members are also worried the final salary and additional voluntary contributions schemes will be closed and benefits for those retiring early will be reduced.
But Inland Revenue figures show the average personal contribution to personal pensions and additional voluntary contributions (AVC's) for this age group is a paltry pounds 693 per year, including basic rate tax relief.
Thirteen years ago, I joined a non-contributory pension scheme and since then, I have been paying pounds 40 per month in additional voluntary contributions.
COMPANY PENSION SCHEMES: Your pension is unlikely to be affected, but if you have additional voluntary contributions, there is cause for concern.
You're still allowed to top up your own input if you want, with additional voluntary contributions (AVCs) into a company AVC scheme, or into your own private free-standing AVC (FSAVC) scheme if the firm doesn't offer its own.
uk also thinks high rate taxpayers donate an unnecessary pounds 739 million to the taxman each year by failing to make Additional Voluntary Contributions (AVCs) to their pension plan.
Tax relief applies on Additional Voluntary Contributions (AVCs) and Free Standing Additional Voluntary Contributions (FSAVCs) too.
I could put money into additional voluntary contributions but I would like to know if a Stakeholder pension is open to me?
TWENTY years ago,I contributed to a pension scheme at work, and to the separate top-up Additional Voluntary Contributions scheme.