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AVC Pension Query....
sabelu
Posts: 1,183 Forumite
Hi I have an AVC (transferrred occupational pension) running alongside my current Final Salary. Under the new legislation is it possible to withdraw a small amount of cash from this fund?
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If the trustees have altered the scheme rules to allow it, then yes. If not, then no. Of course, if open market option is available, that would get round it.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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sabelu wrote:Hi I have an AVC (transferrred occupational pension) running alongside my current Final Salary. Under the new legislation is it possible to withdraw a small amount of cash from this fund?
If you are under 50 then no chance. If over 50 then there is a small chance but i think it is very unlikely. Firstly the rules wil have to allowit and secondly if you are in a final salary scheme yuor chances are virtualy zero as your scheme is probably underfunded and it doesn't benefit the scheme or the trustees to allow you to take cash. sorry0
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