Guide to paying Money Purchase AVCs
You may pay AVCs via myChoice, or via payroll deduction. myChoice is a salary sacrifice arrangement and by paying in this way, you won’t pay Income tax or National Insurance (NI) on your contributions. You can however only amend your contributions once a year at annual enrolment, or via a Lifestyle Event. Paying via payroll deduction is more flexible, you may make changes every month, however you will pay NI using this method.
The Administration Team will arrange with Payroll to make the changes requested. Any forms received by the 5th of the month will be processed in that month’s payroll.
Your first month’s AVC will be invested in the Legal & General (L&G) investment vehicle of your choice as indicated on your application form. You can view your fund choices on the L&G Website.
You may amend your investment fund choices at any time by completing the AVC Application form for future contributions, or the AVC switching form for your existing investments.