Additional voluntary contributions (AVCs) are contributions that employees can make at their discretion to increase the benefits available from their pension fund upon retirement. These contributions can go into an employer's scheme or a scheme of the employee's choice.
A contributory pension is a type of pension scheme where both the employee and the employer contribute to the employee's pension fund.
A Defined-Contribution (DC) Pension Scheme is a retirement plan where employer, employee, or both make contributions on a regular basis, and the final benefits depend on the investment's performance.
Employee contributions refer to the workers' premiums or payments toward a contributory employee benefit plan. These contributions are often made to plans such as health insurance, retirement funds, and other employer-sponsored benefits.
A funded retirement plan is a type of retirement savings arrangement where contributions are made to a dedicated fund to provide future retirement benefits.
