LGPS - put additional funds in AVC, AVP or SIPP?

Lummoxley

I gave it one more go, pointing out that the guide on their site is basically the same as the one AlanP linked to but they are adamant. Here's the reply:

Thank you for your recent email, I have looked at the guide on the website and will get our communications team to update this, please accept our apologies that the information in the scheme guide was not updated when the regulations changed.

Unfortunately I do not have a guide to send out to you, all guides are stored online and will need to be updated, however the following page on the website confirms that it is 25% of the AVC fund which can be used.

If you require more information regarding AVC’s you would need to contact Scottish Widows directly as we do not administer them.

Regards

xx
Senior Pensions Administrator

This is despite the guide being 2015 and them stating the change happened in 2014. I still think they are wrong thanks for all your help anyway.

AlanP_2

Lummoxley wrote: »

I gave it one more go, pointing out that the guide on their site is basically the same as the one AlanP linked to but they are adamant. Here's the reply:

Thank you for your recent email, I have looked at the guide on the website and will get our communications team to update this, please accept our apologies that the information in the scheme guide was not updated when the regulations changed.

Unfortunately I do not have a guide to send out to you, all guides are stored online and will need to be updated, however the following page on the website confirms that it is 25% of the AVC fund which can be used.

If you require more information regarding AVC’s you would need to contact Scottish Widows directly as we do not administer them.

Regards

xx
Senior Pensions Administrator

This is despite the guide being 2015 and them stating the change happened in 2014. I still think they are wrong thanks for all your help anyway.

Who knows, maybe they are the ones who are right and a lot of the other local LGPS schemes are wrong!

Have you tried the LGA / LGPC http://lgpsregs.org/about.php#contact to get their view on whether their published scheme regulations are correct?

Lummoxley

Finally resolved this, thanks again AlanP :T. I queried it with LGA/LGPC who sent the following:

Thanks for your email.

I can confirm that you are able to take 25% of your total LGPS pot as tax free cash, including your in-house AVC fund, if you take your AVC fund at the same time as you take your main scheme benefits. This applies to AVC contracts taken out before and after 1 April 2014. This has been made clear to all LGPS pension funds – see page 7 of the freedom and choice technical guide - http://www.lgpslibrary.org/assets/gas/uk/FCv1.6c.pdf

I have spoken to the technical specialist at LPP about your case and he will now take this forward to ensure you receive the correct information. His name is xx and his contact details are: xx


Kind regards

xx
Pensions Adviser
Workforce Team
Local Government Association

So if I start an AVC now I can, as it stands, take the entire AVC if less than 25% of the entire LGPS pension.

AlanP_2

Lummoxley wrote: »

Finally resolved this, thanks again AlanP :T. I queried it with LGA/LGPC who sent the following:

Thanks for your email.

I can confirm that you are able to take 25% of your total LGPS pot as tax free cash, including your in-house AVC fund, if you take your AVC fund at the same time as you take your main scheme benefits. This applies to AVC contracts taken out before and after 1 April 2014. This has been made clear to all LGPS pension funds – see page 7 of the freedom and choice technical guide - http://www.lgpslibrary.org/assets/gas/uk/FCv1.6c.pdf

I have spoken to the technical specialist at LPP about your case and he will now take this forward to ensure you receive the correct information. His name is xx and his contact details are: xx


Kind regards

xx
Pensions Adviser
Workforce Team
Local Government Association

So if I start an AVC now I can, as it stands, take the entire AVC if less than 25% of the entire LGPS pension.

Great news, well done for not giving up.