Insignificant FSAVC lump sum

Pavese

I have £5000 in an old FSAVC. I stopped paying in when I had to retire because of ill health. I have a vague memory of reading that it may be possible to take all of a small FSAVCs as a lump sum. Is this right or can I only expect 25%?

EdInvestor

What you are thinking of applies to AVCs, not FSAVCs, which these days are the same as personal pensions, so you can take 25%, assuming you have other pensions.

dunstonh

FSAVCs dont exist any more. They are now personal pensions. Although some have chosen to keep referring to them as FSAVCs (like some still refer to MINI/MAXI or PEP with ISAs).

So, personal pension rules apply as Ed mentions.

Pavese

Thanks to both of you. I've just checked the Norwich Union information and it seems that as long as I wait until I'm 60 (fingers crossed) they'll let me take out the £5000 as a lump sum as long as my total private pension pot stays below £15000.

dunstonh

as long as my total private pension pot stays below £15000

Its now £16,500. It was £15k when it started two years ago. However, its not your private pot but ALL your pensions. Occupational and private.