Can I withdraw the money from my AVC?

BML

I am 77 years of age and in 1991when I was 55 years of age I did the responsible thing and took out an AVC with Scottish Amicable who were later taken over by Prudential.
In 1993 after three MDs in as many years I got the chop from the nice American company I worked for and at the age of 57 was dead in the water because although one can not discriminate against females, ethnic minorities or homosexuals you could discriminate against people with grey hair.
I then discovered that one could neither add to the AVC to make it grow or withdraw the money.
I have been attempting to talk to Prudential all week and eventually I made contact with a person who stated with total confidence that I could not withdraw the money from the AVC.
Could anyone please suggest what I am entitled to.

ScottyLP

As your over the age of 75, im guessing that your only option would be to purchase an annuity.

xylophone

https://forums.moneysavingexpert.com/discussion/comment/65027624#Comment_65027624

I enjoyed refusing to cash it in and annoying the company the AVC is with but they milked it with their charges and commission.

It was a FSAVC?

Is there anything to withdraw? If so, is it a "small pot"?

http://www.candidmoney.com/articles/282/budget-2014-summary

BML

purchase an annuity. Nonsense.

Is there anything to withdraw? Yes, and on top of that my understanding is that if you can say that you were not warned about the charges and commission you can demand that back.

ScottyLP

Now I'm not fully clued up on AVC s, but triv and small pot are only available between the ages of 60 and 75. So if it is a case of wanting the whole fund, you'll probably have to purchase an annuity

BML

Following the url xylophone showed led me to the following.


Total Pension Pots under £30,000 – Those over 60 with total pension pots of £30,000 or less can take them as a lump sum (75% of which is taxable as income). This is an increase from the current £18,000 level.


That appears to say it all so thanks.

kidmugsy

BML wrote: »

That appears to say it all so thanks.

Yeah, but that £30k includes the capital value of any pensions you already have in payment (except your state pension).

BML

"Yeah, but that £30k includes the capital value of any pensions you already have in payment (except your state pension)."


So the next question has to be, "How does one work out the capital value of a pension?"


And that nice Chancellor Osborne made it look so simple.

xylophone

http://www.telegraph.co.uk/finance/personalfinance/pensions/10730617/How-to-tap-into-your-small-pension-pots.html

How much is the AVC worth?

What do Prudential say that you can do with it? (No rudery, please..);)

ScottyLP

And like I said earlier, can't be taken under the triviality rules after the age of 75

xylophone

can't be taken under the triviality rules after the age of 75

http://www.hmrc.gov.uk/pensionschemes/small-pen.htm

The only age related stipulation in the above HMRC (post Budget 2014) guidance is that the person must be at least 60?

http://www.hmrc.gov.uk/manuals/rpsmmanual/rpsm09105085.htm