Flexiplan
Flexiplan is a type of Additional Voluntary Contribution (AVC) for members of Section A/B and Section C.
With Flexiplan, you can decide where your contributions are invested and choose your investment options. You can also increase, reduce or stop your contributions at any time, make lump sum payments and contribute from as little as £1 per week or £5 per month. You can continue to pay into Flexiplan while you stay in Reckonable Service*.
* Reckonable Service definition Section A/B
* Reckonable Service definition Section C
When you retire, the money is used to provide additional benefits. If you die before you retire, your Flexiplan fund will be paid as a lump sum in the same way as your main Pension Plan death-in-service lump sum payment.
You can make contributions of up to 100% of your pay, including your 6% normal contribution and any Addplan contributions, and (for Section C members) any Bonusplan contributions, you are paying. As there may be other deductions being made from your pay (for example, National Insurance contributions, or Learning for All computer payments, etc) the amount you wish to pay will be checked by the Pensions Service Centre to make sure that you do not end up in a negative pay situation.
When you cease Reckonable Service, your AVCs must stop.
If you have any queries, please contact the Pensions Service Centre.