Salvus launches AVC version of master trust

Salvus launches AVC version of master trust

Salvus has launched an additional voluntary contribution version of its master trust to deal with a new code of practice from The Pensions Regulator.

Steve Goddard, managing director of Surrey-based Goddard Perry Group, said: “We are now seeing increased activity in final salary AVC de-risking due to Code of Practice 13.

“Salvus AVC allows trustees to lift and drop AVC members whether active or deferred; taking them out of the ceding scheme.”

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Key features

■ The AVC is a new version of the Salvus Master Trust

■ It will deal with changes brought about by TPR’s recently issued Code of Practice 13 aimed at final salary AVCs, many of which hold deferred members.

■ Salvus AVC provides a range of up to 24 funds including, TDFs from Alliance Bernstein

■ Charging structure is 0.75 per cent or below.

Salvus was launched in 2012 and now has more than 600 scheme registrations with more than 10,000 members.

Adviser view

Dan Farrow, director of Essex-based SBN Wealth Management, said: “AVCs are normally run alongside DB plans or employer plans.

“Any participant needs to be mindful of the demands of the low-cost environment and to provide a wide choice of funds.”