Additional Voluntary Contributions (AVCs)

If you’d like to save more towards retirement, you can ‘top up’ your E.ON UK pension with additional voluntary contributions (AVCs).

Like your main pension, AVCs are a tax-efficient way to save because they are taken from your pay before tax.

AVCs are invested with the aim of making your savings grow. You decide how much you want to pay in (subject to limits) and you can start or stop payments at any time. You can also choose your own investment funds or have them managed for you.

It’s important to remember that investments should be viewed as a long-term option, and you might not get back all the money you put in. The value of your AVC account when you retire will depend on how your funds perform.

Find out more by downloading the form below or contact Railpen by email at enquiries@railpen.com.

If you need advice before making an investment decision, the Unbiased website has a list of independent financial advisers in your area.

Information for Retirement Balance Plan members

You can increase your core benefits in additional multiples of 5% of your pensionable pay up to a maximum of 40% of your pensionable pay. This is the proportion of your annual salary that your pension benefits are based on, and doesn’t typically include bonuses or overtime.

You can change your core benefit level once a year in April through the ‘My Choice’ window, which is open in February each year.

If you have reached the highest core benefit level (40%) you can pay additional voluntary contributions to the Aviva AVC arrangement. This is the same arrangement offered to DB Scheme members.

Find out more in the form above or contact Railpen by email at enquiries@railpen.com.

If you need advice before before making an investment decision, the Unbiased website has a list of independent financial advisers in your area.