A MPAVC is an arrangement for making additional contributions to build up a separate retirement fund.
This fund is held with one of the MPAVC providers:
- Standard Life
The contributions are invested and used to buy an extra pension.
From 1 April 2015, an NHS MPAVC member aged 55 or above, can access their MPAVC benefits separately from their NHS Pension Scheme benefits. This is from any point permitted under wider taxation and pensions legislation. This could be before the date of retirement from the NHS Pension Scheme.
An MPAVC will not increase the benefits paid from the NHS Pension Scheme. If you have any questions about payment, you must contact the MPAVC provider.
If you contribute to an MPAVC, your pensionable earnings used to calculate your pension will not be affected. Your contributions made to your MPAVC are taken after your pension scheme contributions have been calculated.
Transferring an MPAVC
MPAVC’s and free-standing MP AVC’s cannot be transferred into the NHS Pension Scheme.
It may be possible to transfer to one of the NHS MPAVC providers. If you have an MPAVC, check with your old pension provider if this has been done automatically.
If you have a free-standing MPAVC, contact Standard Life or Prudential.
If you want to transfer your NHS MPAVC elsewhere, you must contact the AVC provider you have the arrangement with. We cannot advise on or arrange the transfers of MPAVCs.
We cannot advise if the MPAVC provider provides a dependents pension. You must contact them directly.
If a member of the NHS Pension Scheme dies, the NHS MPAVC provider will write to us requesting:
- who the beneficiary of the NHS Pension benefits is
- a copy of the members death certificate.
If you have an NHS MPAVC and do not want the dependents pension to be paid to the beneficiary that the NHS Pension Scheme has on record, contact your NHSMP AVC provider directly.