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FSAVC +GAR but Zero hrs contract

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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

Comments

  • Camper2
    Camper2 Posts: 24 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    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!
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