Yet another AVC query

Rose6

Have very small plan taken out many years ago, statement says will give yearly Pension of just under £500. A pitence really per month. My fault I appreciate that I have not really paid much attention to it.....shameful!

Anyway ..... planned retirement date on this plan is when I’m 55 , in 2 years time. My issue is that I’ve already retired, I went early at 50 under super an scheme.

Should I have informed the AVC people? I have assumed, perhaps wrongly that it would be ok to keep paying in till 55?

I also currently don’t have any other pension I’m paying into so can’t transfer the plan into another.

Many thanks to anyone who can steer me in the right direction

ermine

Rose6 wrote: »

Anyway ..... planned retirement date on this plan is when I’m 55 , in 2 years time. My issue is that I’ve already retired, I went early at 50 under super an scheme.

It appears you had a protected pension age. Perhaps that applies to the linked AVC fund, you'd have to ask your AVC provider. Similarly as to whether you can continue contributing.

I also currently don’t have any other pension I’m paying into so can’t transfer the plan into another

This does not really follow. If you want to take it as a cash lump sum or spread out over time at/after 55 you could transfer it to Hargreaves Lansdown or any other SIPP provider that accepts transfers in, there are many (HL has low costs for cash in a SIPP so is useful for people close to 55, they are dear for investing)