If you contributed to an additional voluntary contribution (AVC) fund within BTPS, this money is invested to give it a chance to grow. You can currently use your AVCs to increase your tax-free lump sum, buy a lifetime annuity or transfer them into another pension scheme. Find out more about using your AVCs towards your retirement in Your Pension Guide and at moneyhelper.org.uk.


You have a choice of AVC investment funds and can switch your investments between funds online. To view your AVCs and our current fund range, register and log in to our member portal.

The boxes below provide a high-level outline of our AVC funds. The funds are managed by either Legal & General Investment Management (LGIM) or by HSBC but are administered by BTPS. Before making any investment decisions you should read the detailed fund factsheets which can be found below, and include details of each fund’s aims, charges and what it invests in. These documents include a link to the underlying fund factsheet, where applicable, which will show you past performance of the underlying fund. If there is any difference between the high-level information provided on this page and the detailed fund factsheets, the fund factsheets will take precedence.

The value of your investments can go up or down and you may not get back the amount originally invested. The charge you pay includes investment and administration expenses. Charges are not fixed and can go up or down over time.

Open Funds

The following funds are available for investment:

Closed Funds (closed May 2022)

In May 2022, we closed our previous range of AVC funds and moved members' investments to our current range of funds. The table below shows where investments in each of the closed funds moved to. Our letter in March 2022 explained these changes - read a copy here.

Existing Fund
(closed May 2022)
New fund
(from May 2022)
BlackRock Global Equity Fund Sustainable Global Equity Index Fund
Legal & General Global Equity Fund
Standard Life Vanguard Global Stock Index
BlackRock UK Equity Fund Sustainable UK Equity Index Fund
Legal & General UK Equity Fund
Standard Life Vanguard FTSE UK All Share
Standard Life Passive Plus III Fund Sustainable Multi-Asset Fund
Utmost Managed Pension (formerly Equitable Life)
Standard Life Deposit and Treasury Fund Cash Fund
Standard Life With-Profits Standard Life With-Profits (unchanged)

Please note:

  • We are unable to provide you with investment advice or guidance about what choices are appropriate for your individual circumstances.
  • You should obtain appropriate independent financial advice before making changes to your fund choices.
  • Other free sources of information that you may wish to consider using include Pension Wise from MoneyHelper.
  • The type of investments you may want to hold depends upon your personal circumstances.
  • Past performance is not a guarantee of future performance and the value of investments can go down as well as up.
  • The Trustee has a duty to review the range of investment funds available to members periodically and may withdraw and replace funds as it determines to be appropriate in members’ interests.

Switching your AVC funds

Unless you are an active member, you are no longer able to make further Additional Voluntary Contributions (AVCs) into BTPS. You are able to switch your AVCs between the different funds available within BTPS online, on the member portal. Please be aware that a request to switch your AVC is not an instant transaction and the transfer of funds can take up to 6 working days to complete.

There is a risk that market volatility could affect the value of your fund between the date of your switch request and the date it is disinvested by your existing provider. The value can go down, as well as up during this period.

Between your funds being disinvested and the time they’re invested in your new choice of fund, there may be a short period when they are not invested at all. This is known as being ‘out of market’. While your funds are ‘out of market’, they will not benefit from market gains nor be reduced by market losses. If you are unsure about how market volatility may affect the value of your AVC, please consider obtaining independent financial advice before requesting a switch.