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!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
FSAVC +GAR but Zero hrs contract
Camper2
Posts: 27 Forumite
Hi
I have a longstanding FSAVC which has a guaranteed annuity rate and has two and a half years to run until declared retirement date. The GAR is dependent on continuing to pay premiums.
Although I was in full time employment I have now taken my occupational pension and am now on a zero hours contract for the same company and have done some work for the company for the last two financial years (this year I expect nothing from them - so no earned income).
I have yet to declare that I am now taking my occupational pension (ignorance, sorry) but I have continued to pay the same premium as before and would like to continue to do so.
What are my options? I don't want to lose my FSAVC with it GAR
I have a longstanding FSAVC which has a guaranteed annuity rate and has two and a half years to run until declared retirement date. The GAR is dependent on continuing to pay premiums.
Although I was in full time employment I have now taken my occupational pension and am now on a zero hours contract for the same company and have done some work for the company for the last two financial years (this year I expect nothing from them - so no earned income).
I have yet to declare that I am now taking my occupational pension (ignorance, sorry) but I have continued to pay the same premium as before and would like to continue to do so.
What are my options? I don't want to lose my FSAVC with it GAR
0
Comments
-
Found answer -
The rule that you have to be in occupational pension scheme (or even employed) was waived years ago so there is no problem with:
a) not being employed/in pension scheme/having earned income
b) continuing to pay premiums at the same rate (but cannot increase)
As this policy guarantees a pension of £80 for every £1000 (8%) in the end pension pot, I am glad that I didn't cash this in when I left work!0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.6K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.7K Work, Benefits & Business
- 603K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards