BOC Retirement Savings Plan: AVC section
BOC Retirement Savings Plan: AVC section
If you are a member of the BOC Pension Scheme or the Gist Scheme you can contribute to AVC section. AVCs are a tax-efficient and flexible way to boost your retirement income and you can contribute up to 10% of your salary. AVC section works in much the same way as RS section. The Company don’t contribute to AVC section, but paying AVCs might be an easier and cheaper option than contributing to a private pension.
AVC section options
AVC section options
In AVC section you have similar options to RS section plus:
Deposit account
This works just like RS section Cash fund but may have
a different interest rate.
With profits fund
Your money is
invested in equities, gilts and property. At the end of
each year a bonus is paid, depending on how well the
investments have done. In a good year for investments
some of the bonus will be saved for years that
aren’t so good. When you retire a further bonus
may be paid, depending on how well the investments have
done since you started paying.
For full details please refer to www.bocpensions.co.uk or contact the BOC Pension Services helpline on 0800 096 3214 (BOC TEL 750 4745).