There are several ways that you can increase how much you pay into the Mastertrust, outlined below. If you are in the 2008 Section you also have the option to switch to the 2017 Section, which may give you the chance to receive a higher contribution from AXA. For more information visit the FAQS.
Pension top up
This is where you agree to give up part of your pay and AXA then pays this amount to the Mastertrust on your behalf. Because AXA makes the contribution for you, you do not pay Income Tax or National Insurance on it.
If you are in the 2017 Section, if you choose to increase your contributions, AXA will match your contribution up to a maximum level. Please see the Member Guide for more details. If you’re not sure which section you’re in, take a look at the FAQS.
You can opt for pension top up each month during the flex window on the Max site.
For AXA Ireland employees please complete the 2008 Section pension top up form
Additional Voluntary Contributions (AVCs)
If you wish to make an additional single payment (unless it’s a bonus sacrifice – see below) this is classed as a lump sum AVC. You get Income Tax relief on any AVCs that you pay, however you won’t receive any NI savings. This option can be used if you wish to put the proceeds from your AXA shares into your pension.
To pay an AVC you will need to log into the Max site or complete a lump sum AVC option form if you work for AXA Ireland.
Please note that you can’t receive tax relief on contributions in excess of your earnings in a tax year and you only receive higher rate tax relief to the extent that you have paid it.
Bonus sacrifice
Like with pension top up, you can agree to give up some or all of your bonus and AXA then pays this amount to the Mastertrust on your behalf. This arrangement will allow you to benefit from tax and NI savings and AXA will also boost your contribution by 10%.