You can amend what you pay at any time by completing the completing the online pensions application form. You can pay between 3% and 7% into the pension scheme. The company will pay in double what you pay (less 1% to pay for administration and risk benefits). You can pay more than 7% but this is classed as an Additional Voluntary Contributions (AVCs) and is not matched by the Company.
Additional Voluntary Contributions (AVCs)
- You can change/commence AVCs by completing the online pensions application form
- You receive tax relief on AVCs and if you are in PensionSaver* you will also pay less national insurance so it may not cost as much as you think, check out the online pension calculator
- AVCs are added to your pot and treated like any other contribution. To estimate the income you could receive from paying AVCs, why not visit the BlackRock website.
*You can start/stop or amend your AVCs at any time. Any regular monthly AVCs will be made under PensionSaver if you are already in the PensionSaver scheme.