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Active | Enhanced M Plan
Updated on 26 May 2021
As well as the defined benefit pension you are accruing, you may be able to increase your retirement income by electing to pay Additional Smart* Contributions (ASCs) and/or Additional Voluntary Contributions (AVCs).
You don’t pay tax on your contributions, and your National Insurance contributions are reduced through Smart*.
As a member of the I Plan, your retirement income is based on your length of service, age and pensionable earnings.
You have two ways to pay in more – Additional Smart* Contributions and Additional Voluntary Contributions.
You can choose to pay:
Additional Smart*Contributions (ASCs) – During the quarterly You* benefit elections, you can elect to reduce your salary further and receive an uplift from IBM of 6%. Example : for every £100 that you elect, IBM will invest an additional £6 (6%) equating to a further £106 into your Retirement Account
Additional Voluntary Contributions (AVCs) – You can pay AVCs either as a percentage of your salary, a fixed monthly amount, or a one-time payment. AVCs are taken directly from your salary.
When you wish to Change/Start/Stop an AVC election, you will be required to fill out an AVC election form. The link to the form is here.
You will need to scroll down to the section entitled: "How do you elect to start additional contributions & what investment options are available". From there you will find the form in the "I Plan" section with further instructions.
For more details on the I Plan, please view the I Plan factsheet.
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