Additional Voluntary Contributions
Additional Voluntary Contributions (AVCs)
How to top up your retirement savings
If you have already chosen Smart or normal contributions of 5% or want to add to your retirement savings outside the Flex Window, you have the option to make Additional Voluntary Contributions (AVCs).
You can make AVCs at any time. You can choose to contribute a percentage of your Pensionable Pay (subject to a minimum of £20 per month), or make a one-off AVC (subject to a minimum of £500). As with your regular contributions, you receive full Income Tax relief on any AVCs. If you arrange these through the Smart Pension Exchange Scheme, you also pay less National Insurance.
Please note that the Company will not contribute additional amounts related to any AVCs.
If you wish to pay AVCs, you can do so via the Flex Portal.
Take a look at our video which gives a helping hand to understand what to consider when planning for your future and what you'll need to get there.
Bonus Sacrifice
If you’re still working for KraftHeinz and eligible for a bonus, you can choose to put all, or up to 65% if you’re participating in the Bonus Swap Programme, of this into your pension. This is known as Bonus Sacrifice. You’ll also save money on your tax and National Insurance contributions too.
To add your bonus to your pension, you’ll need to go to the benefits portal during the bonus AVC election window in February. You can’t move your bonus to your pension at any other time in the year. Once in the benefits portal you’ll need to follow the instructions and complete the necessary tasks, select ‘Add to Cart’ and then ‘Checkout’. You’ll receive an email once your selection has been recorded.
Once your bonus has been moved to your pension, it can’t be taken out until the time you start receiving your pension, or you transfer your whole pension amount out of the Plan.
If you need any more information you can speak to the Plan’s administrator Capita, their contact details can be found here: www.kraftheinzpension.co.uk/contact-us
Alternatively, if you need any help adding this benefit to your benefits package, please contact the Kraft Heinz Benefits team using the details below:
Email: KraftHeinz@buck.com
Phone: +44 (0) 330 123 9672