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Active member

An employee who is currently paying into their employer's pension scheme and building up benefits in it.


An adviser on financial matters involving probabilities, often relating to mortality. They usually help during scheme valuations to assess if a scheme has enough funds to cover its responsibilities.

Additional Voluntary Contributions (AVCs)

AVCs are designed to help you save more for retirement by paying extra contributions on top of ​your normal contributions.

The Fund's two AVC arrangements are BRASS and AVC Extra.

Annual Allowance

The maximum that can be saved into your pension pot each year and still receive tax relief.

The Annual Allowance is currently £40,000 for most people. However, a lower amount may apply for high earners (see ‘Tapered Annual Allowance’), and those who have taken benefits from defined contribution arrangements using the flexibilities that were introduced in April 2015 (see ‘Money Purchase Annual Allowance’).

Annual management charge

A charge made by investment fund managers for management and administration services. Additional Voluntary Contribution (AVC) funds all have an associated annual management charge.

Annual Pension Estimate (APE)

This is the yearly statement sent to members who are still paying into the final salary sections of the ​Fund (not currently available for CARE members). It provides you with an estimate of how much your BTP pension benefits may be worth when you reach your Normal Retirement Age, as well as information about any BRASS contributions you have made.
Your APE also includes details about the options available when you take your benefits; the lump sum and dependant’s pension that may be paid if you die before claiming your benefits; your normal pension contributions; and tax allowances.
You can view a copy of your most recent APE when you log in to myFund (or register) and look under ‘My pension’. (Not currently available for CARE members.)


A policy that you purchase (usually using funds that you’ve built up in a pension arrangement) which provides you with an income for life (or sometimes a set period of time).