What options do I have for taking my AVCs?

This depends on what option you chose when making AVCs to the Fund:

Pension credits and added years AVCs

If you chose the Pension Credit or Added Years AVC options, your AVCs will have purchased additional pension and this will have been included in the deferred pension calculation provided to you when you left pensionable service. These amounts will increase in the same way as the rest of your benefits. The additional pension purchased with your AVCs will also be included in the pension and cash lump sum figures quoted in any retirement quotations you receive.

Individual retirement funds

If you chose to have your contributions invested in the individual retirement funds available (e.g. Fidelity, Zurich and Prudential funds), you will have built up a separate pension savings account.

The current value of your AVC account can be used to buy additional pension (excluding a dependant’s pension) and/or cash lump sum from the Fund.

You do not have to take the benefits from your AVC account at the same time as your other benefits. You have the option to either:

• leave your AVC account invested for any period up to age 75. You will then still have the option of taking 25% of the fund value as a cash lump sum and using the rest to buy additional pension; or
• transfer the value of your additional contributions to another pension scheme.

The value of the benefits provided by your AVCs will depend on several factors including, where appropriate, the amount of the contributions paid, any cost of exercising any right to transfer the benefits, any charges payable, the age at which you access the benefits, the performance of investments and any cost of converting the benefit into an annuity.

How can I find out the current value of my AVCs?

If you chose to invest your AVCs into the Fidelity, Prudential or Zurich investment funds, you can register to access your AVC details online as follows:

• Fidelity PlanViewer – you can talk to Fidelity about registering on 0800 368 6868
• Prudential Portal – you can talk to Prudential about registering on 0345 601 0150
• Zurich Portal – you can talk to Zurich about registering on 0370 241 6950

What happens if I die before taking my AVC benefits?

If your AVCs purchased additional pension credits or added years, the death benefits payable in respect of those benefits will be the same as the death benefits payable in respect of your other benefits. If your AVCs were invested in an individual retirement fund or funds, the accumulated fund value will normally be payable to your beneficiaries as a lump sum. You will need to contact the Administrator for further information.