New pension rules / AVC's

GMan2

As a result of the budget it's got me thinking of my AVC's. It doesn't amount to much (c£4k) and I stopped paying into it many years ago. I always thought that I was locked in and forced onto an annuity when I hit 60 but does the recent budget change this? Could I whip it out and reinvest, spend or indeed "buy back time" on my civil service pension?

zygurat789

GMan2 wrote: »

As a result of the budget it's got me thinking of my AVC's. It doesn't amount to much (c£4k) and I stopped paying into it many years ago. I always thought that I was locked in and forced onto an annuity when I hit 60 but does the recent budget change this? Could I whip it out and reinvest, spend or indeed "buy back time" on my civil service pension?

I believe you could eveb buy a Lamborghini with it.

bitofatit

GMan2 wrote: »

As a result of the budget it's got me thinking of my AVC's. It doesn't amount to much (c£4k) and I stopped paying into it many years ago. I always thought that I was locked in and forced onto an annuity when I hit 60 but does the recent budget change this? Could I whip it out and reinvest, spend or indeed "buy back time" on my civil service pension?

I think the money you have in your AVC is in fact locked in broadly until you retire. So as soon as you retire (any time after 55) you will have more options available. As it is a relatively modest amount you will be able to draw it all out in one go or as and when you like. There are other options - draw down and annuity but for 4K IMO probs not worthwhile.