AVC's as lump sum?

saville

I have three Avc's from a previous employment that are sitting doing nothing and every statement seems to show they are slowly losing money. I am 58 and still employed full time.

1, Can I take these Avc's as a lump sum so I can make them work by re-investment?

2, Can I take them as a pension?

3, Can't I touch them until I retire?

What I would really like to do is pay off my mortgage (which is only small) with part of the money and invest the rest in a tax efficient investment plan like an isa.

Thankyou.

Andy_L

1. If an FSAVC no, except for the 25% allowed, if tied to a company scheme depends on the scheme rules

2. Yes

3. If they are a FSAVC you can take them from 50+, if tied to a company scheme depends on the scheme rules

jonathon_hart

Be careful a lot of these rules have changed post 2006. In particular recycling lump sums (taking a lump sum/ pension and reinvesting it in another pension and then taking another lump sum) has been restricted.

I would suggest taking financial advice on this.

Thanks

Jonathon