Residual AVC transfers into drawdown

JTAP

I took early retirement 3 years ago from BT and am in receipt of a pension from them. I also had a FSAVC fund through them and was able to take the bulk in cash, although £15k remained and I left it in the vain hope that annuity rates would rise (Im female). I was then told I could put it into a SIPP, although they are now saying I have left it too long and that may or may not be possible now. However, I cant find any providers of a drawdown account that I can transfer to. The problems seem to be that its a residual AVC fund ie crystallised, and also it doesnt meet the minimum transfer values to transfer into a drawdown account.

Its driving me nuts and am not sure what to do next!! Does anyone know of any providers out there who might cater for such a case? I am starting to think I should buy an annuity after all and save myself the grief!

xylophone

Have you tried Hargreaves Lansdown?

JTAP

Yup tried HL, they said I couldnt transfer my AVC directly into a normal Vantage SIPP as this only holds uncrystallised funds. They did say on rare occasions it might be possible to transfer to a drawdown account but didnt expand further. Ive subsequently googled this but cant find any detail.

kidmugsy

The only legal restriction known to me that impinges on crystallised funds is that you must transfer the whole lot in one go. Have you tried AJBell?

JTAP

Thx ..will take a look at AJBell ... note though my fund is crystallised

xylophone

Or try James Hay?

http://www.jameshay.co.uk/DocumentView.aspx?DocumentID=274

JTAP

Thx Xylophone ....Looks like they do take crystallised transfers in ... will need check if any other limitations !

kidmugsy

JTAP wrote: »

Thx ..will take a look at AJBell ... note though my fund is crystallised

Sorry: typing mistake by me. Now corrected.

jomart

JTAP,

I saw your question from last year and I was interested in what the outcome was with your 'residual avc' as I find myself in the same situation with my BT pension.

Would you mind posting an update please of how you things turned out for you.

Thanks