LGPS AVC payout timescales?

Dave_5150

How long does it take to de-invest a LGPS AVC (Pru) and pay it to the council pension fund please?

My regular AVC contributions have ceased. And my last payment shows in my online account.

Sarahspangles

@Silvertabby sometimes mentions a timescale?

Silvertabby

If you can see your final payment in your on-line AVC account then that's the first big hurdle over.

Have you returned your options forms to your LGPS?  ie, the forms confirming your pension/lump sum/AVC choices.  Once your LGPS receives that, they will ask your AVC provider to disinvest your funds and pay them into LGPS funds.  How long will that take?  Anything from 2 to 6 weeks, from previous experience.  Another factor in the process  is the  receipt of your final pay details from your employer, without which your LGPS can't make their final calculations.  Note that if you leave mid month, with salary due from, say, 1st to 15th of June, your employer's pay roll won't be able to collate your final figures until after June's pay roll has been put to bed.  In other words, they may not process your leaver details until the first week in July.

Sorry not to be able to give a definite answer, but there are just so many variables in the process.

Dave_5150

Thanks, that's great