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FSAVC +GAR but Zero hrs contract
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Camper2
Posts: 24 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
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