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DC AVCs for DB / Hybrid schemes

Additional voluntary contributions (AVCs)

Q: Does the scheme structure include any DC AVCs for DB members?

Answer ‘Yes’ where there are any monies within the scheme invested in DC AVCs, whether the members are actively contributing to the DC AVCs or not. Do not answer ‘Yes’ if the only AVCs are added years or other defined benefits.

Membership - DC Additional voluntary contributions (AVCs)

Q: Number of members with DC AVCs

Please provide the total number of members with DC AVCs. The answer to this question is not used for levy purposes.

Include:

  • where an individual has multiple DC AVCs, please count them multiple times
  • a member as a DC AVC member even where they are no longer paying into their DC AVC arrangement
  • a member who has not drawn his DC AVC benefits should be counted as a DC AVC member, whether or not they have drawn their DB benefits
  • where there is a DB section with a DC top-up, only include members who are paying into a separate DC AVC arrangement. A DC top-up arrangement is where some or all of the members pay into a DC section as part of the core scheme benefits

Exclude:

  • DC AVC members who are now in receipt of a pension from the DB section of the scheme in respect of their DC AVC pot
  • members paying additional contributions to purchase added years or other defined benefits

Q: Member age profiling - active and deferred members with DC AVC benefits

Please provide the total number of active and deferred members with DC AVCs which fall into the two age categories '50 to 59 'and '60 and over'.

Where a member has multiple DC AVC arrangements, for example with different providers, please count them multiple times.

Assets - DC AVCs

Q: Market value of DC AVC scheme assets

Please provide the market value of all the net assets within the DC AVC arrangement(s). This should include all cash, bonds, stocks, shares, property, and any other assets as at the scheme year end date used for the membership figures given above, or if this is not available, the most recent valuation date. The total value should be net of any liabilities, for example, loans taken by the scheme. Please note, if assets have different valuation dates please calculate using the most recent valuation for each. Where there are multiple DC AVC arrangements – for example with different providers – include the total net asset value of all DC AVC arrangements. Exclude DB assets including any AVCs on a DB basis, for example Added Years.

Q: Effective date for market value of DC AVC scheme assets

Please provide the valuation as at the scheme year end date used for the membership figures given above. If this is not available, please use the most recent valuation you have available. Where assets have been valued at different dates, please use the most recent as the overall effective date.

Contributions - DC AVCs

Q: Contributions – DC AVCs

Please provide the total amount of DC AVCs that have been contributed in the 12 month period up to the scheme year end date used for the membership figures given above. Please also include any special contributions (non-cash contributions such as property or shares etc). Please also include any transfers into the DC AVC arrangement(s) as 'employee contributions'.

Please separate values into:

Employer – Contributions made by the employer and not deducted from salary. The DC AVC fund may include special employer contributions made as a result of bonus or salary sacrifice arrangements where a member foregoes all or part of their bonus/salary and the employer makes a contribution to the scheme to purchase DC AVC benefits.

Employee – Contributions paid by the employee whether deducted from salary or transferred into the DC AVC arrangement(s) from another scheme.

Where there are multiple DC AVC arrangements – for example with different providers – include the total DC AVC contributions to all arrangements. Exclude contributions to DB sections and contributions to AVCs on a DB basis, for example Added Years.

Scheme Leavers - DC AVCs

Q: Have any members left the DC AVC section of your scheme in the 12 month period up to the latest scheme year end date?

Please provide the number of people who have left the scheme’s DC AVC arrangement(s) during the scheme year ending on the date used for the membership figures given above. Include people as leavers where they have transferred or drawn their benefits from the DC AVC arrangement(s), even if they have not transferred their DB benefits. Do not include people as leavers where they have ceased to pay into the DC AVC arrangement(s) but have not transferred or drawn their benefits from the DC AVC arrangement(s). Where a member has left multiple DC AVC arrangements, please count them multiple times. Where a DC AVC member has the pension arising from their DC AVC paid by the DB section, please count them as a leaver from the DC AVC and the value of their fund as an outflow from the DC AVC.

Please also provide the total amount of money which has left the DC AVC arrangements.

Please separate this into the following categories:

  1. Retired and receiving benefits – to include the total amount of money transferred out of the DC AVC arrangement(s) on behalf of members who have retired and their money has been transferred to a third party to provide their benefits. Include in this total any Pension Commencement Lump Sums (tax-free cash) paid to these members. Also include any trivial commutation lump sums.  Where a DC AVC member has the income from their DC AVC pot paid by the DB section, please count them as a leaver and the value of their fund as an outflow from the DC AVC.
  2. Transferred to another scheme – to include the total amount of money transferred out of the DC AVC arrangement(s) on behalf of members who have transferred their assets to another pension scheme, either workplace or individual. Please do not include here any money in respect of members who have taken short service refunds.
  3. Other – to include the total amount of money paid by the scheme on behalf of members who have left the DC AVC arrangement(s) for some reason other than retirement or transferring to another scheme. This includes members who have short service refunds, members deceasing (including retired members deceasing where they had their retirement benefits paid by the scheme). Please also include money paid by the scheme in respect of members who have left the DC AVC arrangement(s) for any other reason.
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