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I have £600 in FS AVC'S with ex-employer, Help Please?
omg_3
Posts: 101 Forumite
I have £600 in FS AVC'S with ex-employer. These are with Standard Life. I left the company 7 years ago. I also have a final salary scheme (20 years worth) with this employer. I am now 50 years old. I also have a Final Salary scheme with my current employer as well as a small amount of IVC'S. These are in the company scheme. What can I do with the old £600 Standard Life AVC.s , please advise?
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Comments
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FSAVCs were made obsolete in April 2006 and are now classed as personal pensions. You can either transfer it to your current occupational scheme or use it to bolster your retirement planning.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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My problem is that when I retire, I do not want this small amount in a different account. How do I go about moving the £600 into my current employers avc's?0
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You cannot move it into your employer's AVC. It has to be moved into the occupational scheme (if they will accept it). Get a value from SL and then ask the pension administrators of the occ scheme what they will give you, in way of pension, for that value and ask them to supply relevant paperwork.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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If I leave it where it is with S.Life, will I have to buy an anuity with it when I retire?0
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if your overall retirement planning with pensions has a value over 1% of the lifetime allowance (currently £15,000) then yes you would.
With a couple of occ schemes (one with 20 years), that is likely.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 -
thought you could take a percentage of AVC's as a cash lump sum?0
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Yes, you could take benefits from the FSAVC now, which would give you 150 pounds in cash and a pension for life of 25 pounds a year or so.Trying to keep it simple...
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Take it now and you just pay tax on it. Leave it till later and you ge 25% of a higher value and get a higher income for life. You may be able to get a whole tank of petrol a year and not just half a tank 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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