NHS pension and AVC encashment

diana-april

Just wondered if anyone else is in the same boat as me. I retired from the NHS 6 years ago and took lump sum and receive small pension monthly.
many years ago I paid into the NHS run scheme of Additional Voluntary Contributions (AVCs) with Equitable life. I lost about £2k in there and the scheme was taken over by Standard life. So I never put any more money in it. Its grown to around £22k now and I would like to cash it in under the new rules.
I contacted Standard life and all they can tell me is that they 'waiting on advice from the NHS trustees' I rang NHS pensions who were very helpful said it depends on the capital value of my pension and that Standard Life need proof that I am currently in receipt of the pension. Does anyone else have similar problem ?

dunstonh

in-house AVCs are linked to the main scheme. So, they just need to check you are taking the main occupational pension and once that is done, you should be fine.

jem16

diana-april wrote: »

I rang NHS pensions who were very helpful said it depends on the capital value of my pension

The capital value of your pension would only have applied before 6th April as they seem to be thinking of the Triviality Rules. Doesn't matter now. When did you contact the NHS pension scheme?

diana-april

I contacted them today. I m sure I cant be the only person in receipt of an NHS or public sector pension that wants to take their AVCs in cash.

jem16

diana-april wrote: »

I contacted them today. I m sure I cant be the only person in receipt of an NHS or public sector pension that wants to take their AVCs in cash.

The Prudential has already published a leaflet saying that the NHS are allowing you to take advantage of the new flexibilities so I expect Equitable Life should be also.

See Page 15;

http://www.pru.co.uk/pdf/AVCK0433.pdf

Whoever you spoke to at NHS pensions may not be quite up to date yet.