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Free Standing Additional Voluntary Contributions (FSAVCs)

FSAVCs work in much the same way as AVCs, however, there are some important differences. Some of these are:

  • You must choose the financial institution to invest your FSAVCs in and you may want to consider their different charges, alternative investments and past performance.

  • You must make the necessary arrangements – contributions will not be deducted from your pay. The FSAVC provider will reclaim the tax you have paid on your contributions. If you are a higher rate tax payer you will need to complete a tax return to reclaim higher rate tax relief.

  • AVCs cease on leaving the Scheme but FSAVCs can carry on being paid into the same contract.