AVCs

FINAL SALARY

Additional Voluntary Contributions (usually known as AVCs) can help you build a bigger entitlement especially if:

• you did not start saving for retirement until later life or you have little other retirement savings; or

• you have periods were you were not working or saving for retirement; or

• you would like to increase your retirement benefits.

Key facts about KPS-FS AVCs

• can be paid as part of any tax-free cash you may be entitled to regardless of when you joined the Scheme or started paying AVCs

• can be paid up to the Annual Allowance

• are invested separately from the other Scheme assets

• qualify for tax relief in the same way as your main scheme contributions

• are returned on death before they come into payment

• you can increase, decrease, stop, start, or restart paying AVCs whenever you wish

• charges will depend on the types of funds you invest in

If you are already paying AVCs or considering your options, it is important to choose the right long term investment for your particular circumstances.  This will depend, for example, on your age now, how many years until you plan to retire or receive payment of your pension benefits, how much you can afford to pay and your attitude to the amount of risk you are willing to take.

The Scheme offers a number of investment choices for your AVCs:

• A With-Profits fund, currently invested with Prudential, which aims to provide steady growth with a guarantee that if the monies are left in the fund until retirement, they will only increase in value.

• Unit-linked funds, currently invested with Legal & General and BlackRock, where the value of the funds are directly linked to stock and bond markets.

You will be able to view the Scheme AVC provider Fact Sheets on this page giving descriptions of the aims of the fund, details their suitability and past performance, in an easy to understand way.  The documents can be viewed as PDF files which you can print or save to your computer.

If you wish to start paying AVCs or change the rate or amount of AVCs you pay, please click here.

If you wish to contact a Financial Adviser, please click here.

AVC Fact Sheets:

Prudential AVC fund Fact Sheet 1 Available Fund Options:

Legal & General AVC fund Fact Sheets 6 Available Funds Options:

BlackRock AVC fund Fact Sheet 3 Available Funds Options: