AVC funds

We offer three AVC investment funds:

You can divide your AVCs between any of these funds. You can switch from one of the funds to another on the 1st day of any month. We must receive your written instruction by the 20th of the month for the switch to take place from the 1st of the next month.

The AVC Plan - information leaflet contains useful information about AVCs, including more information about the investment returns and level of risk of investing in each AVC fund.

What happens to AVCs if APS or NAPS ever terminate or wind-up?

Laws introduced in July 2014 determine that EBF and SGF accounts (but not MPF accounts) are classed as non-money purchase or 'cash-balance' arrangements. This is because both EBF and SGF have an element of investment return that is guaranteed. The MPF continues to be classed as a money purchase arrangement.

Currently money purchase benefits are paid out as one of the first benefits in the event of any Scheme wind up and so would usually be fully protected. However, if the Scheme was ever to wind up with insufficient funds to pay all of the promised benefits in full, the reclassification of EBF and SGF accounts as non-money purchase benefits could mean there is a risk that these AVC accounts might be used partly or wholly to make good other promised Scheme benefits. The exact impact would depend on the funding position in the Scheme at the time of any wind up. You can read more about this in the 'Important change to legislation affecting AVCs' article on the 'News' page of our website. The option to switch SGF and EBF accounts to the MPF currently remains available. You can read more about this in the 'Important change to legislation affecting AVCs' article on the 'News' page.

Resources and information:

The latest AVC Investment Commentary provides detailed analysis of the investment returns over the last Scheme year as well as historical returns over one, three and five years.

Log in to mybapension online to amend the investment choice for your existing AVCs.