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Final salary + AVCs
mrsgreenfingers
Posts: 2 Newbie
My husband will shortly be made redundant and will be able to draw his pension at the age of 55. His pension is a final salary scheme and he also pays into AVC's. He has been told he will have to take both pensions at the same time - we had expected to take the final salary part immediately but keep the AVC contributions in the fund until he is about 60 so they might have to chance to recover some recent losses. Can someone clarify the rules please.
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Comments
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Depends on the individual scheme rules but generally AVCs have to be taken at the same time as the main pension0
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AVCs have always had to be taken at the same time. That is why many people opted for FSAVCs in the past (indeed, it was a key justification point). Since 6th April 2006 the link is no longer required but its up to the scheme administrators/trustees to implement that chance or not.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
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Grab what you can now while you still can, I don't see any recovery in the finance markets for a long time.
Good Luck.0 -
Grab what you can now while you still can, I don't see any recovery in the finance markets for a long time.
How do you know where the OP is invested and what investment options are available?
Also, your opinion of the short term is not really important for the OP who is looking for the medium or even long term.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
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