Missing AVCs with Equitable Life NHS scheme

thewinelake

My wife (a GP) has asked me to investigate an issue she has with her NHS AVC Plan (which is bizarrely still with Equitable Life).

The problem is that, although the NHS continued to pay her contributions into the scheme, EL claim that nothing has been received since April 2013.

I'm assuming that there's been an administrative error somewhere and the money is sitting in a suspense account somewhere.

Just wondering if this is a common occurrence, and what the best way of sorting it out is. Also, are EL going to try to weasel out of paying the appropriate amount of additional cash, if the underlying fund has performed OK?

Also, should she opt out of this scheme?

Thanks!

tibbles209

I'm not sure what has happened with your wife's AVCs, and the best thing to do would probably be to contact NHSBSA/SPPA (depending on where you live) and explain the situation to them.

In terms of whether she should opt out of the scheme - I think this may be something to consider. As a GP she is extremely likely (unless she spends much of her career doing part time work/takes a long career break etc) to hit the lifetime allowance with her basic NHS pension, so saving into the AVC plan in addition is likely to not be very tax efficient.

xylophone

https://forums.moneysavingexpert.com/discussion/5700327

Your wife has checked that she is still with EL (not transferred to the Pru or Standard Life)?

Does she receive statements from EL?

https://contactcentreservices.nhsbsa.nhs.uk/selfnhsuktest/template-group.do;jsessionid=E48847E8394FD30019C2ED4A9081F531?name=Money+Purchase+AVCs&id=5106

Did she receive a payment from the scheme?

thewinelake

Yes, Yes, and I don't understand!

PS - I do now - and she doesn't remember receiving anything - but that was some time ago. I'll have a look at which policies she had prior to 2000.

But what a shocking return on her investments - over the last 20 years, her contributions have totalled about £17k make a fund now worth.... £22k!