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AVC advice.
macbun66
Posts: 1 Newbie
Hello everyone.
need some advice please.
I took out a Scottish Widows AVC IN 1998. There is approx 13k in it. (the account was taken out via my workplace to run along side my final salary pension)
In 2001 the AVC was transferred to another SW AVC account ( i didnt have a choice) and all subsequent statements show a start date of 2001. In 2018 Legal and General took over my SW account (again i didnt have a choice).
I now wish to access the funds in its entirety and i am aware of the tax implications. I have read somewhere that avc's started before 2006 can be accessed before the age of 55 ( i am 52).
can anyone confirm that this is the case.
I have contacted L & G to establi this but have heard nothing back.
thanks in advance
need some advice please.
I took out a Scottish Widows AVC IN 1998. There is approx 13k in it. (the account was taken out via my workplace to run along side my final salary pension)
In 2001 the AVC was transferred to another SW AVC account ( i didnt have a choice) and all subsequent statements show a start date of 2001. In 2018 Legal and General took over my SW account (again i didnt have a choice).
I now wish to access the funds in its entirety and i am aware of the tax implications. I have read somewhere that avc's started before 2006 can be accessed before the age of 55 ( i am 52).
can anyone confirm that this is the case.
I have contacted L & G to establi this but have heard nothing back.
thanks in advance
0
Comments
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In 2001 the AVC was transferred to another SW AVC account ( i didnt have a choice) and all subsequent statements show a start date of 2001.
AVCs dont just change like that. Someone instigated it. And the change to L&G in 2018 is again a change instigated by someone. Normally you are allowed to leave the AVC in the old scheme.
Are you sure it was an AVC and not a Group personal pension or a money purchase occupational pension?I now wish to access the funds in its entirety and i am aware of the tax implications. I have read somewhere that avc's started before 2006 can be accessed before the age of 55 ( i am 52).
AVCs are linked to the main scheme. FSAVCs were abolished in 2006. However, neither could be accessed before age 55.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.0
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