lump sum at age 55

penguin10

Thanks guys - I will investigate further about taking it as a 'small pot'.
Got there in the end
Much appreciated.

VXman

If it is the same as Teachers AVC's then yes you can. It really is a stand alone savings pot rather than a pension as such. You can take it all at once, buy an annuity or take some of it and leave some for later.
However - you say it is worth £6500. My teachers AVC says if you take it before your normal pension age (60 for me) then you could be subject to a MVR (market value reduction) which means you might get less that the value stated,

garmeg

VXman said:

If it is the same as Teachers AVC's then yes you can. It really is a stand alone savings pot rather than a pension as such. You can take it all at once, buy an annuity or take some of it and leave some for later.
However - you say it is worth £6500. My teachers AVC says if you take it before your normal pension age (60 for me) then you could be subject to a MVR (market value reduction) which means you might get less that the value stated,

An MVR will only apply to a with profits fund (including unitised with profits). If the investment is in bog standard unit linked funds, eg Managed, UK Equity, Global Equity etc then no MVR will apply.