Additional Voluntary Contributions (AVCs)

You may have paid AVCs into the Scheme to boost your pension savings.

There were two types of AVCs: 

Added years AVCs (AYAVCs) 

Contributions were paid from your salary to buy additional years of pensionable service within the M&S Pension Scheme. These additional years were added to the actual years you completed and were included in the calculation of the pension you have in the Scheme. 

Defined Contribution (DC) AVCs

Contributions were paid from your salary to provide additional pension savings. They are kept in an individual pension savings pot in the M&S AVC Scheme, which is held by Legal & General. The value of your AVCs when you take your pension will depend on how much you had paid into your AVC savings and how much your savings have grown through investment returns. 

When you take your pension, the value of your AVC savings is included in the options provided. If you want to know what options may be available, you can read more in My Options.

You can manage your AVC savings through Manage Your Account, where you can find out how much they’re currently worth, where they’re invested and, if applicable, choose alternative funds to invest your AVC savings.