Additional Voluntary Contributions
The Willis AVC Scheme
As a member of the Scheme, you will build up a pension during your membership based on your final pensionable salary at your date of leaving or retirement from the Group. However, you may not have enough time to build up the pension you would like if you leave or retire early, or if you have joined the Scheme in your later working years. You may also have other benefits in your remuneration from the Group which are not covered by the Scheme.
The Scheme therefore provides a facility for members to make extra contributions, in a tax efficient way, to enhance your pension subject to limits imposed by the HMRC. These contributions are known as Additional Voluntary Contributions or “AVCs” for short. This facility is provided via a Group AVC policy with Prudential. The Scheme’s AVC plan held with the Prudential offers four lifestyle strategies and a range of ‘self-select’ funds.
You can access further information on AVCs via the Prudential Group AVC website at
The website includes information on:
- How AVCs work
- How much you can pay
- How to choose your investments
- Investment fund information and performance
If you already have AVCs invested with the Prudential you can access information about your AVC account online via the website above. This will give you access to:
- The very latest valuation of your fund values
- The option to change where your future contributions are invested
- The option to switch your existing Prudential AVCs between different Prudential Funds
Please note that you will not be able to make changes to the amount you pay in AVCs online. If you wish make such a change please email the Pensions Team at WPS@willistowerswatson.com
If you feel that you need help to consider your AVC options, including selecting the funds most aligned to your retirement needs, the Trustees would encourage you to seek regulated financial advice. Neither the Trustees, their advisers, nor the Prudential can provide you with financial advice. If you do require financial advice, you should speak to a regulated financial adviser. If you do not have a financial adviser, you can locate one in your area by visiting: www.unbiased.co.uk
