Group Addtl Voluntary Contribution Plan

Butterfliesarepretty

I used to work for BT many years ago ending in voluntary redundancy in 2008. I was in the pension scheme from 1986 till 2008. Alongside of paying into that you were allowed to pay an extra £10 a month into a Group Additional Voluntary Contribution Plan.

This is with standard life, (originally was paid into Abbey National - I still have all the statements). Anyway my pension is now deferred and I dont pay extra payments into this contribution plan. Its current value is £4,145.25 so its only incurred £10 in the past year.

I want to know if I can improve this total, and whether its worth it? Im 51 and work part time three days a week.

Options are on the letter:-
Take your money as one or more lump sums
Buy a guaranteed income for life (annuity)
Keep the money invested and take a flexible income (drawdown)
A combination of these.

Basically I dont know whether to leave it, add to it eg £10 a month or invest it somewhere else and forget about it.

They have assumed no more payments will be made, but Im sure I asked standard life about extra payments a few years ago and they said I couldnt make extra payments.????

Butterfliesarepretty

Bump - Anyone??

xylophone

https://www.btpensions.net/information/useful-documents

Have you looked at the information sheets here?

Marcon

Butterfliesarepretty wrote: »

Bump - Anyone??

After just a few hours..? That urgent?

You can't pay in to an AVC scheme if you are no longer a contributing member of the main scheme.

Butterfliesarepretty

No it wasnt urgent, if you think a post is not being noticed you can bump it at any time.
:j
So basically I can do nothing to improve the AVC??
I dont want to leave it to then find out I should have moved it elsewhere, especially if I die and my husband cant have it.

Thanks