What options do I have with my FSAVC?

Contessa

I took one out about 15 years ago and it matures next May, when I reach 60. According to the last statement the fund amounts to about £46K, and would provide an income of about £1100 pa.
Can I cash it all in? or only 25%? Should I continue paying in? Can I transfer the fund to my NHS pension scheme? and if so when?
I'm also seriously considering carrying on working, due to the current economic climate, so there will be tax implications.
I realise I do need to put these questions to the FSAVC provider, but thought I'd getter a quicker,and objective response on here.Thank you.

EdInvestor

Contessa wrote: »

Can I cash it all in? or only 25%?

Only 25%.

Can I transfer the fund to my NHS pension scheme?

Probably not now but check with the NHS.

I'm also seriously considering carrying on working, due to the current economic climate, so there will be tax implications.

It might be better if you considered "income drawdown" with no income. This is an alternative to taking the pension annuity income you've been quoted. You trnasfer the fund to a drawdown provider (usually a SIPP), take the 25% cash out and then leave the rest of the money invested - as it was before - until you need it.

When you need it you can draw an income from the fund up to 120% of the annuity rate and you don't lose the capital, it's still invested. You can convert to an annuity at any time if you wish.

A couple of SIPPdrawdown providers which may be worth talking to (no IFA necessary):

https://www.h-l.co.uk
https://www.sippdeal.co.uk