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Transfer AVC to SIPP

shinytop
shinytop Posts: 2,184 Forumite
Ninth Anniversary 1,000 Posts Name Dropper Photogenic
in Pensions, annuities & retirement planning
I have an AVC worth about £50k with Clerical Medical. I know I can transfer it because the documantation I have offers this. I have a SIPP already with HL; it is as simple as giving them the details online and letting them process it and add it to my existing SIPP? The reason I want to do this is to get ready for retirement/drawdown next year; I won't be accessing the AVC funds until then. Anything I need to watch out for?


thanks

Comments

  • dunstonh
    dunstonh Posts: 120,515 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Can the AVC be used in conjunction with the main scheme? If so, once you transfer it, you will not be able to do that.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • shinytop
    shinytop Posts: 2,184 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper Photogenic
    Dunstonh, yes it can but not in a way I want.

    https://forums.moneysavingexpert.com/discussion/5921709/pcls-options-questions

    I could use it as part of a PCLS but I'd have to take a lump sum from my DB pension to do that. I'll have enough lump sum potential from my DC pension so I won't need any from the DB.
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