Taking your money
AVCs can be used in a variety of ways so please contact Buck, the American Express UK Pension Plan administrators, as they can let you know what options are available. You'll find their details in the 'Contact AMEX' section of the site.
You've different retirement ages depending on when you joined the plan, although you'll need to take your benefits by age 75. If you joined your main scheme pension before 6 April 2006 and have left American Express, you can take your benefits from age 50. If you joined the main scheme pension before 6 April 2006 and you're still with American Express, you can take your benefits from age 55. If you joined the main scheme pension after 5 April 2006 and before 1 July 2006 you can take your benefits from age 55.
You also have different options for taking your money depending on whether you're a pre-96 member or a post-96 member of your main scheme pension.
The documents below outline how you can access your AVC pot depending on whether you're a pre-96 member or a post-96 member.
Important information
- The tax you pay depends on your individual circumstances and rules can also change.
- You can defer your benefits until later if you wish, although under the terms of this contract you are currently required to take your benefits by age 75.
- When you come to take your benefits you should shop around to find the options and features most suited to your circumstances. Different pension providers offer different products, options or features (including terms, rates, funds or charges) that may be more appropriate for you.
Pension Wise
You should get guidance or financial advice to help you with this decision. Pension Wise is a free, impartial service offered by the UK Government to provide guidance once you reach age 50 to help you understand your options at retirement. Find out more from the moneyhelper.org.uk/pensionwise or call 0800 280 8880 to book a phone or face-to-face appointment.
More information
Investment choices
You have a choice of investment options for your Amex AVC plan. It's up to you to decide which investment option is right for your needs. Watch our 'Understanding your investment options' video for more information. These options aren't a recommendation from Prudential. If you're still unsure, speak to a financial adviser.
Your AVC
As a member of the American Express UK Additional Voluntary Contributions (AVC) plan, run with Prudential, you're building up an additional pension fund for when you choose to take your benefits.
"Prudential" is a trading name of Prudential Distribution Limited. Prudential Distribution Limited is registered in Scotland. Registered Office at 5 Central Way, Kildean Business Park, Stirling, FK8 1FT. Registered number SC212640. Authorised and regulated by the Financial Conduct Authority. Prudential Distribution Limited is part of the same corporate group as the Prudential Assurance Company Limited. The Prudential Assurance Company Limited and Prudential Distribution Limited are direct/indirect subsidiaries of M&G plc, a company incorporated in the United Kingdom. These companies are not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America or Prudential plc, an international group incorporated in the United Kingdom.