Legal & General has been appointed as the Fund's new Additional Voluntary Contributions (AVC) provider. This short guide explains your investment options, the charges that apply, and provides general information about investing.
What are AVCs?
AVCs allow you to make additional contributions to increase your retirement savings.
The Default Fund
If you do not wish to make your own investment choices, you can use the Cash Target Date Funds, which are designed to adjust the level of investment risk as you approach retirement.
How do charges work?
There are two elements to the charge:
- FMC (Fund Management Charge), which covers the cost of managing the investments.
- AMC (Annual Management Charge), which covers the cost of administering the scheme.
Together, these make up the total annual charge applied to your fund.
Responsible Investing
A number of the funds incorporate ESG (Environmental, Social and Governance) considerations. Ethical, climate-focused and Sharia-compliant investment options are also available.
Fund List and Charges
| Fund | Asset Class | FMC | AMC | Total |
|---|---|---|---|---|
| Cash Target Date Funds | 0.15% | 0.31% | 0.46% | |
| Future World | Global equities with ESG tilt | 0.15% | 0.31% | 0.46% |
| Future World Developed ex UK Equity Index | Overseas equities with ESG tilt | 0.15% | 0.31% | 0.46% |
| HSBC Islamic Global Equity Index | Sharia compliant global equity | 0.20% | 0.31% | 0.51% |
| Ethical Global Equity | Global equity tracks FTSE4 Good index | 0.20% | 0.31% | 0.51% |
| Fossil Fuel Free Climate Equity Index | Global equities excluding fossil fuels | 0.16% | 0.31% | 0.47% |
| Future World Emerging Markets | Emerging market equity with ESG tilt | 0.28% | 0.31% | 0.59% |
| Future World UK Equity Index | UK equity with ESG tilt | 0.15% | 0.31% | 0.46% |
| Future World Multi-Asset | Multi-asset with ESG tilt | 0.16% | 0.31% | 0.47% |
| Retirement Income Multi-Asset | Cautious multi-asset | 0.29% | 0.31% | 0.60% |
| Future World Corporate Bond | Global corporate bonds with ESG tilt | 0.15% | 0.31% | 0.46% |
| Fixed Interest | Actively managed bonds | 0.09% | 0.31% | 0.40% |
| Over 5-Year Index Linked Gilt Index | Index-linked Gilts | 0.08% | 0.31% | 0.39% |
| Future World Annuity Aware | Long-dated bonds with ESG tilt | 0.12% | 0.31% | 0.43% |
| Cash | Deposits | 0.09% | 0.31% | 0.40% |
| MFS Meridien Global Equity | Actively managed global equity | 0.68% | 0.31% | 0.99% |
| Global Smaller Companies Equity Index Fund | Global small cap equity | 0.22% | 0.31% | 0.53% |
| Baillie Gifford Global Impact | Actively managed, impact investing global equity | 0.53% | 0.31% | 0.84% |
| Dynamic Diversified | Actively managed multi-asset | 0.51% | 0.31% | 0.82% |
| Sustainable Property | Commercial Property with ESG | 1.14% | 0.31% | 1.45% |
| M&G All-stocks Corporate Bond | Actively managed UK corporate bonds | 0.37% | 0.31% | 0.68% |
Further Information About the Funds
Full details of all available funds, including risk levels, performance information and key documents, can be found on the Legal & General AVC website: