UKAEA Pensions

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AVC scheme

  • Your additional benefits are provided by an independent AVC Provider, and are not linked to your final earnings. The level of benefits depends on the amount you have paid in and the interest or growth earned for you by your investments.
  • When you receive your benefits from the AVC fund, you can take up to 25% of your AVC fund as tax free cash and use the rest either to buy an annuity or take the remaining fund as cash which is taxed at your marginal rate of income tax. You can decide between a range of benefits, you don’t have to take one offered by the Prudential.
  • You decide how much or how little you want to pay into the AVC Scheme (subject to a minimum payment for new members of £20 per month).
  • You may choose to vary the level of your contributions to the AVC Scheme.
  • You may pay contributions in respect of earnings which are not pensionable under the United Kingdom Atomic Energy Authority Defined Benefit pension scheme.
  • Contributions to an AVC Scheme may be paid for over a long or short period.

You may transfer your benefits in the United Kingdom Atomic Energy Authority AVC scheme to another provider while remaining in the CPS main scheme.

Details about the United Kingdom Atomic Energy Authority Group AVC Scheme can be obtained by accessing Prudential’s website http://www.prudential-pensions.com/.