_ 1 Stop Independent Stakeholder Pension Advice _ Increasing Company Pension Scheme Benefits

Published / Last Updated on 26/10/2006

Can I increase my Company Pension Scheme Benefits? Stakeholder Cafe.com Quick Links:   Quotations   Compare & Buy Pensions   Get Help or Advice YES - by making additional voluntary contributions or contributing to a Stakeholder Scheme (if you are eligible).  For details on Stakeholder Eligibility click here .  For AVC's please read on.   Additional Voluntary Contributions It is common for people not to have built up enough benefits in their company pension schemes.  You may to wish to retire early (where there may be early retirement penalties) or for you to lose other taxable benefits on retirement such as a company car or private medical insurance.  You may have been changed jobs frequently, taken a break in your career e.g.  to have children or your earn bonuses and commission on top of your salary which are not included in the pension calculation.  All can result in you not receiving the maximum pension fund you can.  The maximum you can contribute is 15% of your taxable earnings each year (this includes any contributions you make to your main scheme.  This is where additional voluntary contributions can help.  You can do this by making Additional Voluntary Contributions (A.V.C.'s).  NOTE - YOU CAN ONLY CONTRIBUTE TO AN A.V.C.  scheme if you are a current member of a company pension scheme.  Please visit PensionsAdviser.com for more details.  Controlling Directors are not allowed to invest in A.V.C.s Are you a Controlling Director?  Click here to find out There are two types of A.V.C.: Via your employer - they may offer a scheme connected to the main scheme - these are normally low cost and some employers assist with covering the administration charges - so they can be very effective.  You need to check whether your employer offers such a scheme.  F.S.A.V.C.'s - these are Free Standing Additional Voluntary Contributions plans - you choose your preferred pension scheme company and the type of fund you invest in.  Costs may be higher than those schemes offered by your employer but you can usually take the scheme with you if you leave and continue contributing if you join another employers company pension scheme.  Contributions do attract tax relief .  Stakeholder Cafe.com Quick Links:   Quotations   Compare & Buy Pensions   Get Help or Advice

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