How to Find Additional Voluntary Contributions

What Are Additional Voluntary Contributions?

Additional Voluntary Contributions (AVCs) enhance an individual’s retirement savings beyond standard primary pension plan contributions. These funds grow over time, aiming to provide a larger income during retirement.

While distinct from a main pension, AVCs are often linked to an employer’s occupational pension scheme, but can also be standalone personal arrangements. Their purpose is to increase retirement savings, often benefiting from tax advantages similar to a primary pension.

AVC funds are usually invested, with growth and value depending on market performance and plan terms. Individuals typically make AVCs to maximize retirement income, especially if primary pension contributions are limited or to bridge a potential income gap later in life.

Information Gathering for Your Search

Before locating forgotten Additional Voluntary Contributions (AVCs), collect specific personal and employment information. This preparatory phase ensures you have the necessary details for inquiries. Accurate information streamlines the search, as record-keeping systems rely on precise identifiers.

Compile your full legal name, including any previous names or maiden names, as records may be under an older designation. Your Social Security number is a crucial identifier for financial institutions and pension administrators. Gather your date of birth to differentiate individuals with similar names.

A detailed employment history is essential, listing all past employer names and approximate start and end dates. Note any known pension scheme names or account numbers, even if partial. Finally, compile a list of all old addresses where you resided during your working life, as some records might still be linked to these historical addresses.

Strategies for Tracing Your AVCs

After gathering personal and employment information, systematically reach out to entities that might hold records of your AVCs. The process often begins by contacting former employers, as many AVCs are administered through occupational pension schemes. Contact the Human Resources or pension department of each previous employer, providing your full legal name, Social Security number, and employment dates.

If you have old pension statements, correspondence, or remember a specific pension provider, contact them directly. Pension providers maintain records of contributions and account details, and can confirm the existence and status of any AVCs. Be prepared to verify your identity and provide relevant account or scheme numbers.

If direct contact with former employers or known providers is unfruitful, federal resources can assist. The Department of Labor’s Employee Benefits Security Administration (EBSA) offers assistance in finding lost pension benefits and maintains an abandoned plan database. While focused on broader pension benefits, their guidance can help trace plans that held AVCs.

The Internal Revenue Service (IRS) also maintains records of qualified retirement plans. Though the IRS does not directly provide a “tracing service,” information filed by plan administrators can indirectly aid in confirming a plan’s existence. Work through the former employer or plan administrator first, as they are primary record keepers.

Finally, review your personal financial records for clues about past AVCs. Examine old bank statements for recurring payments or payslips for pension deductions. Any financial documents, even old ones, might contain references to pension providers or account numbers that can initiate a successful search.

Confirming Found Contributions

Once a potential AVC is identified, confirm its existence and gather detailed information from the administering entity. This confirmation ensures the discovery’s validity and clarifies the funds. Request comprehensive documentation from the pension provider or former employer to confirm the AVC account.

Upon confirmation, obtain specific details like current market value, scheme name, and terms governing the funds. Inquire about fees, investment options, and the process for accessing or transferring funds. Request official documentation, such as current statements or plan summaries, to formally verify the AVC.