17 August 2017
Find out more

Abbey National launches online AVC pension scheme

03 December 2001  |  7051 views  |  0 Abbey National launches online AVC pension scheme

UK bank Abbey National has launched a new Group Additional Voluntary Contribution (AVC) pension scheme, available to employers online.

All companies in the UK offering an occupational pension scheme are required by law to provide an AVC scheme for employees.

Abbey's new Web-based AVC scheme can be run alongside a stakeholder pension scheme, allowing payroll staff to access and update AVC records online, amend contributions levels and keep track of employee contributions. A member of the bank's payroll implementation team will also visit an employer and train staff in setting up the payroll facitilty.

Steve Conley, Abbey National's group pensions manager, says: "We can now help an employer administer both their stakeholder pensions and AVC scheme with a single provider, minimising administration time".

Employees in an occupational pension plan can choose to top up their pension through AVCs, which can be used to purchase an additional pension at retirement. The new scheme allows employees a choice of investing their contributions in either a deposit fund or a range of stocks and shares funds.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Old Mutual chooses SunGard for pension administration

Old Mutual chooses SunGard for pension administration

28 November 2001  |  4796 views  |  0 comments
Abbey National launches nominee share dealing

Abbey National launches nominee share dealing

21 November 2001  |  4046 views  |  0 comments
Abbey boosts silver surfers

Abbey boosts silver surfers

01 November 2001  |  3382 views  |  0 comments
Abbey National home insurance goes online

Abbey National home insurance goes online

30 October 2001  |  5874 views  |  0 comments
UK life and pensions companies hold back on e-transactions

UK life and pensions companies hold back on e-transactions

19 October 2001  |  2629 views  |  0 comments
Abbey National notches up £5 billion online mortgage applications

Abbey National notches up £5 billion online mortgage applications

16 October 2001  |  4008 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
download the paper nowvisit www.niceactimize.comvisit www.worldpaymentsreport.com

Top topics

Most viewed Most shared
Coinbase raises $100mCoinbase raises $100m
10385 views comments | 14 tweets | 14 linkedin
DBS Bank launches online car selling marketplaceDBS Bank launches online car selling marke...
9780 views comments | 13 tweets | 11 linkedin
China preps central clearing house for mobile payments providersChina preps central clearing house for mob...
9681 views comments | 8 tweets | 15 linkedin
Monzo appoints Curve co-founder Foster-Carter COOMonzo appoints Curve co-founder Foster-Car...
8076 views comments | 1 tweets | 2 linkedin

Featured job

Find your next job