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LGPS AVCs: paying in 100% of earnings on a pre-2014 contract
inthebubble
Posts: 39 Forumite
Is this now permissible, or must a new contract be started?
This is for someone a few months from redundancy, with lots of Annual Allowance carry over from earlier years.
Many thanks.
This is for someone a few months from redundancy, with lots of Annual Allowance carry over from earlier years.
Many thanks.
0
Comments
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inthebubble wrote: »Is this now permissible, or must a new contract be started?
The LGA is advising administering authorities to take a strict interpretation of the regulations - pre-2014 contract, 2008 scheme definitions (max 50% contribution limit, 2008 scheme definition of pensionable pay...):
http://www.lgpsregs.org/images/AdministrationGuides/AVCScenarios-v8.1clean.pdf
However, recently the LGA has also come to believe that the 2014 scheme regulations as written do not actually remove the possibility of taking all an AVC as cash:
http://www.lgpsregs.org/images/AdministrationGuides/FandCTechnicalNotev1.3clean.doc
As such, perhaps explore taking out a second AVC...?
(Caveat: the LGA's advice does not carry legal weight.)0
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