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Equitable Life AVC's
monkeyface_2
Posts: 1 Newbie
I have a frozen AVC account which I had paid into for a couple of years until leaving nursing. I now don't know whether it is worth just cashing in the money I put in. I have been told it is possible to sell this on. Is this true? I am in two minds to cash it in as I could do with the money even though it is only a relatively small amount. Does anyone have any advice?
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Comments
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I have been told it is possible to sell this on. Is this true?
No.I am in two minds to cash it in as I could do with the money even though it is only a relatively small amount.
You cant cash it in either.
If it is an AVC, this is treated under occupational pension scheme rules. If it is an FSAVC, then it is basically a personal pension and you have a wider range of options available (leave it where it is, more it to a SHP, PPP or SIPP or current occ 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 -
IMHO you would be better to transfer this money to another company rather than leave it at Equitable, where it is not performing and might get entangled in problems if Equitable finally went into administration.
Does your original scheme have another AVC provider you could move the money to?Trying to keep it simple...
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How can you say it isnt performing when we dont know what funds it is in? It could be in unit linked, it could be in with profits.
If its is an AVC and not an FSAVC, then transferring options may be different (post A day, AVCs have come under occupational pension rules for transfers).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 -
If it's still at Equitable Life it must be in the with profits fund. There haven;t been any other funds at ELAS since around 2001.Trying to keep it simple...0
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