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AVCs
andyrpsmith
Posts: 136 Forumite
Grateful for some advice please.
While I was in the Civil Service I started paying into AVCs with Scottish Widows. I left the CS in 1987 and joined the NHS.
I transferred my CS main pension into the NHS but the AVCs were frozen and mature this year when I will be 60. (my current retirement age in the NHS is now 65).
The value of the AVCs are about £20K and I'm not sure what my options are. (I would like to give it to my wife who is self employed and only has a small pension pot also of about £20K but I don't think this is allowed).
If I defer doing anything until April 2015 can I take it all out? or am I restricted as I paid in while a member of the CS scheme at the time?
Many thanks.
While I was in the Civil Service I started paying into AVCs with Scottish Widows. I left the CS in 1987 and joined the NHS.
I transferred my CS main pension into the NHS but the AVCs were frozen and mature this year when I will be 60. (my current retirement age in the NHS is now 65).
The value of the AVCs are about £20K and I'm not sure what my options are. (I would like to give it to my wife who is self employed and only has a small pension pot also of about £20K but I don't think this is allowed).
If I defer doing anything until April 2015 can I take it all out? or am I restricted as I paid in while a member of the CS scheme at the time?
Many thanks.
0
Comments
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I suspect that the answer is "it's not yet known". Legislation will have to be drafted and accepted by parliament before anyone can be sure. I suspect that Osborne's instinct would be to liberate AVCs if it's practical.Free the dunston one next time too.0
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The plan is that you will be able to take this money out from April 2015. You will get 25% tax free and the rest will be taxed at your marginal rate.
Your wife can pay into a pension - all her income limited to £50k this year and £40k from 5/4/14 or £3600 if she has no income.0
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