NICSAVCS
Northern Ireland Civil Service Additional Voluntary Contribution Scheme (NICSAVCS)
The NICSAVCS provides retirement benefits on a money purchase basis in addition to those that you will receive from your main Principal Civil Service Pension Scheme (Northern Ireland) [PCSPS(NI)] arrangements (If you have a partnership pension account you cannot contribute to the NICSAVCS).
You can choose to invest with one or more of our providers:
or Equitable Life remains a NICSAVCS provider but they have removed their provision for additional life cover on any new policies taken out on or after 29 March 2007. See Latest News for more information.
You use your fund to buy an annuity – a pension for life. You can make your choice of which annuity you want to buy at any time between your 60th and your 75th birthdays.
AVCs gives you flexibility in both the way you pay your contributions and the way you take your benefits. You can pay by a lump sum and/or by regular payments. Lump sum payments can be made from your salary throughout the year. Regular payments are made by percentage deductions from your salary each month. You can select the level you wish to invest and you can, increase or decrease your contributions, and start or stop them as you wish (providing you give appropriate notice).
From 06 April 2006 you will no longer be restricted to the current limits. You can increase your pension savings into your AVC fund. However, you should remember that any contributions you pay count towards the Annual Allowance. If the value of your pension savings exceeds the Annual Allowance you will have to report this to HM Revenue and Customs and pay any extra tax.
Members drawing their AVCs from 06 April 2006 will be allowed to take up to 25% of their fund as a tax-free lump sum.
Find out more
You will find more detailed information regarding NICSAVCS in the leaflet
All booklets and leaflets can be found in the resources section.
If you require any further information concerning the above please contact the Member Administration Section. You can find the telephone number in the contact us section.
The leaflets and booklets displayed above are PDF documents. In order to view them you will need Adobe PDF reader. If it isn't already installed on your computer you can download it from here.