What is a FSAVC Pension?

FSAVC stands for Free Standing Additional Voluntary Contribution scheme. These defined-contribution pension schemes are run by insurance companies and were set up as a way of allowing people to accrue extra pension benefits. They’ve become less popular with the introduction of personal and stakeholder pensions, but you may still have one of these schemes, from which you can take money at age 55 in the same way as other pension pots.