We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
fsavc transfer
darwin_finch
Posts: 2 Newbie
Evening All
Please can anyone offer advice on the following. I have been paying into a FSAVC for past 15 years, currently £110pm net. I received compensation 6yrs ago for misselling but have continued to pay. I'm finally looking to switch to another scheme. Most obvious route is to transfer to my local government AVC run by Prudential where charges will hopefully be lower.
Does anyone know what other options - if any - I have? If I do move to AVC I then have to choose which unit-linked investment option(s) to go for, which mean little to me but guess it will come down to my attitude to risk - any thoughts?
Many thanks.
Please can anyone offer advice on the following. I have been paying into a FSAVC for past 15 years, currently £110pm net. I received compensation 6yrs ago for misselling but have continued to pay. I'm finally looking to switch to another scheme. Most obvious route is to transfer to my local government AVC run by Prudential where charges will hopefully be lower.
Does anyone know what other options - if any - I have? If I do move to AVC I then have to choose which unit-linked investment option(s) to go for, which mean little to me but guess it will come down to my attitude to risk - any thoughts?
Many thanks.
0
Comments
-
Any IFA can. Most tied agents cannot as it would breach their remit (not able to discuss other providers products or cancel products).Please can anyone offer advice on the following.
Anything written on this board is just discussion. Nothing else.I have been paying into a FSAVC for past 15 years, currently £110pm net. I received compensation 6yrs ago for misselling but have continued to pay. I'm finally looking to switch to another scheme. Most obvious route is to transfer to my local government AVC run by Prudential where charges will hopefully be lower.
This highlights the mess that redress complaints bring. For a while AVCs were better than FSAVCs (some exceptions). Now its changed and FSVCs are better than most AVCs. Although FSVCs dont actually exist any more. You got lucky with the compensation.Does anyone know what other options - if any - I have?
Keep it
Transfer it to a personal pension, stakeholder or SIPP or in to main scheme if they allow it.
Stop it and redirect future contributions to a more appropriate scheme.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Thanks for taking time & trouble to use your expertise on the forum. Advice gratefully received.0
-
Check out whether your company scheme allows you to amalgamate the AVC and the pension together at retirement and then take all the tax free cash from the AVC.
If it does, this would be a good reason to choose the AVC route.Trying to keep it simple...
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.4K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.4K Work, Benefits & Business
- 601.2K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards