Additional voluntary contributions (AVCs)

Changes proposed in Summer 2015 Budget

Contributions

Closing value

Common fund

Opening value

Death benefits

Lump sums

Pension protection lump sum

Scheme pension

Uncrystallised rights

Funding

Generally

Hybrid schemes

Lump sums

Pension credits (dissolution of marriage/civil partnership)

Taxation of member benefits

Anti-avoidance rules

Generally

Guaranteed payments

Increases in pension

Reductions in pension

Requirements of scheme pension

Transfers

– see Transfers

Valuation of benefits for transitional protection