Move pension/ take 25% ?

xylophone

Do you mean that the friend has brought his NHS pension into payment,  received the pension commencement lump sum and is now in receipt of a regular monthly payment?

At the time he did this, he left behind an AVC with Standard Life?

Are the T&Cs as described here?

https://library.standardlife.co.uk/gavc17.pdf

Would he be  permitted to take "flexible drawdown" from this plan, for example taking the 25% tax free PCLS and then a regular (taxable) monthly income?

 If  this AVC plan is in effect DC  (?) , drawing the income would make him subject to the MPAS with regard to contributions to NEST but  depending on how much he contributes this may not be relevant.

Indeed it may be possible for him to regard the monthly income as income replacement for part of the part time job salary, enabling him to increase contributions to NEST?

If the AVC is DC but not in a plan  facilitating flexible benefits, could he transfer to a SIPP and proceed as above?

If DC would he benefit from an appointment with Pension Wise?

carshells

xylophone said:

Do you mean that the friend has brought his NHS pension into payment,  received the pension commencement lump sum and is now in receipt of a regular monthly payment?

At the time he did this, he left behind an AVC with Standard Life?

Are the T&Cs as described here?

https://library.standardlife.co.uk/gavc17.pdf

Would he be  permitted to take "flexible drawdown" from this plan, for example taking the 25% tax free PCLS and then a regular (taxable) monthly income?

 If  this AVC plan is in effect DC  (?) , drawing the income would make him subject to the MPAS with regard to contributions to NEST but  depending on how much he contributes this may not be relevant.

Indeed it may be possible for him to regard the monthly income as income replacement for part of the part time job salary, enabling him to increase contributions to NEST?

If the AVC is DC but not in a plan  facilitating flexible benefits, could he transfer to a SIPP and proceed as above?

If DC would he benefit from an appointment with Pension Wise?

Thanks xylophone. He took his DB pension 4 years ago and received his commencement lump sump and now has a monthly payment. At that time ( and until about two weeks ago) he did not remember about the AVC plan with SL. It was only when receiving some mail from a house he live in 14 years ago ( complicated , don't ask!) that he received a letter from SL about it, so yes he left behind the AVC with SL. I need to get him to look at the T&C's attached ( thank you). Thanks for pointing out about MPAS and the Nest pension. He earns about £1000-1200 a month via his part time job so the payments into NEST are low. I've suggested he call Pension Wise. Thanks so much .

LHW99

If it is that old, I suppose this isn't some form of FSAVC? (Not available as such any more I know)

dunstonh

LHW99 said:

If it is that old, I suppose this isn't some form of FSAVC? (Not available as such any more I know)

FSAVCs were reclassified as PPPs in 2006.

It could be an ex FSAVC but probably more likely an in-house AVC with the link broken.  The rules that used to link them were changed to allow the linking to be removed.  i.e. not needing to take the AVC with the main scheme.  So, effectively, its most likely a standalone DC plan with the usual options available to it.

carshells

dunstonh said:

LHW99 said:

If it is that old, I suppose this isn't some form of FSAVC? (Not available as such any more I know)

FSAVCs were reclassified as PPPs in 2006.

It could be an ex FSAVC but probably more likely an in-house AVC with the link broken.  The rules that used to link them were changed to allow the linking to be removed.  i.e. not needing to take the AVC with the main scheme.  So, effectively, it's most likely a standalone DC plan with the usual options available to it.

From the reaction of SL & NHS pensions that sounds likely.