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Fsavc
saintpadre
Posts: 1 Newbie
as part of reparation caused by mis selling of a personal pension I now have some investments with Friendslife (was Colonial then Witherhur) FSAVC,s I think. I have a good company pension (Final Salary which the mis selling co had to reinstate me into without loss) but do not know what to do with the FSAVC - Friendslife have said that I cannot withdraw 25% and leave the rest invested but have not offerred alternatives!!. NB I have retired and am drawing my co pension. Has anyone got any idea where I start?
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Comments
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In your shoes I'd check whether I could transfer to some sort of personal pension without charge; I'd also ensure that doing so didn't cost me any good features of the FSAVC. If everything looked OK, I'd transfer. It would then be under your control.Free the dunston one next time too.0
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Friendslife have said that I cannot withdraw 25% and leave the rest invested but have not offerred alternatives!!
That is correct and the expected position on most legacy plans.
Drawdown is a function offered on certain types of product. Your plan has never offered drawdown and therefore you wouldnt expect it to offer drawdown.
However, there are plenty of plans on the marketplace that do.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
There shouldn't be any penalties for transferring out as the FSAVC would I imagine have been set up to hold "excess contributions" after reinstatement to the employer's scheme.0
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