Maximising Additional Voluntary Contributions (AVCs) for 2022-23
With the tax year end fast approaching many members look to maximise their AVCs under the TfL Pension Fund.
The maximum you can pay in AVCs to the Fund is 15 per cent of gross earnings less your standard Pension Fund contributions.
If you are considering maximising your AVCs before the tax year end you need to make sure you allow enough time for your request to be processed. The pensions team will need to check that the amount you are planning to pay does not take your total contributions above the maximum limit and the payroll team will then need to update the payroll system to amend your AVC deduction.
In addition, you'll need to consider the impact to your overall pension benefits as well as the impact on your pension input and Annual Allowance for the tax year.
For more information please refer to your annual benefit statement and the guide to additional voluntary contributions. The final dates by which we must receive any requests to meet the payroll cut off dates are as follows.
| Payroll group | Cut-off date |
|---|---|
| Payroll group 10 | Wednesday 8 March 2023 |
| Payroll group 11 | Wednesday 8 March 2023 |
| Payroll group 15 | Wednesday 8 March 2023 |
| Payroll group 20 | Wednesday 22 March 2023 |
| Payroll group 25 | Wednesday 22 March 2023 |
| Payroll group 42 | Wednesday 8 March 2023 |
| Payroll group 61 | Wednesday 22 March 2023 |
If you are not sure which payroll group you are paid under, please check your latest payslip.
For further information, contact the Fund Office on 020 7126 4000 (auto 64000).