Maximising Additional Voluntary Contributions for 2019/20

Maximising Additional Voluntary Contributions for 2019/20

With the tax year end fast approaching many members look to maximise their AVCs under the TfL Pension Fund.

The maximum you can pay in AVCs to the Fund is 15 per cent of gross earnings less your standard Pension Fund contributions.

If you are considering maximising your AVCs before the tax year end you need to make sure you allow enough time for your request to be processed; the pensions team will need to check that the amount you are planning to pay does not take your total contributions above the maximum limit; and the payroll team will then need to update the payroll system to amend your AVC deduction.

In addition you need to consider the impact to your overall pension benefits as well as the impact on your pension input and Annual Allowance for the tax year.

For more information please refer to your annual benefit statement and theĀ guide to additional voluntary contributions.

The final dates by which we must have received any requests to meet the payroll cut off dates are as follows.

1st January 2020