20 Feb 2015, 9:53pm

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  • AVC

    Additional Voluntary Contributions

    Sort of like a SIPP but for people in defined benefit pension schemes.The primary advantage of these as opposed to setting up a SIPP is that you may be able to combine the value of your contributions with the notional capital of the main scheme, maximising the tax-free PCLS without turning some of your DB pension into a lump sum, which is usually disadvantageous

    If you need to know more, seek guidance from your pension trustees and/or independent financial advice.

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