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AVCs – your options

As an Active member of the Scheme you may have paid Additional Voluntary Contributions (AVCs). Whilst these are kept within the Scheme, they are held separately from your main Scheme benefits.

When you come to take your BTPS pension you will be able to choose how you wish to use the AVC fund you have built up. You can:

  • Put some or all of your AVCs towards your tax-free lump sum; or
  • Use it to purchase additional income in the form of an annuity (an insurance policy which pays you a guaranteed income).
  • You can also transfer your AVCs to another approved pension arrangement, this may allow you to access other options, commonly referred to as ‘Pension Freedoms’.

Our 'Retirement planner' which can be found on the Portal, can help. This interactive tool can model a variety of personalised retirement scenarios in response to your inputs. The bespoke results can show the impact of your AVC account on your Scheme benefits.

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