Crystallised AVC monies

Dugal

I am a member of a DB pension scheme and was saving into an AVC.  When I took the pension I was able to use most of the AVC to enhance the lump sum.  This left me with £1500 of crystallised funds.  I originally put this into a HL Sipp, but this was clawed back by the pension scheme as it was outside the rules.  A subsequent newsletter from the pension scheme implied you could only buy an annuity with money in an AVC.  I had wondered if I could transfer this money into the follow-on DC scheme with Scottish Widows from which I have not taken any money, but they cannot accept crystallised funds.

I am looking for suggestions of any other options which I could investigate further.

I would happily take the money as cash, paying tax as necessary, but suspect that might not be allowed.

I have buried my head in the sand for too long as the stress this has created for me far outweighs the relatively small sum involved. It would be good to get it resolved.

Thanks in advance for your help.

Marcon

Dugal said:

I am a member of a DB pension scheme and was saving into an AVC.  When I took the pension I was able to use most of the AVC to enhance the lump sum.  This left me with £1500 of crystallised funds.  I originally put this into a HL Sipp, but this was clawed back by the pension scheme as it was outside the rules.  A subsequent newsletter from the pension scheme implied you could only buy an annuity with money in an AVC.  I had wondered if I could transfer this money into the follow-on DC scheme with Scottish Widows from which I have not taken any money, but they cannot accept crystallised funds.

I am looking for suggestions of any other options which I could investigate further.

I would happily take the money as cash, paying tax as necessary, but suspect that might not be allowed.

I have buried my head in the sand for too long as the stress this has created for me far outweighs the relatively small sum involved. It would be good to get it resolved.

Thanks in advance for your help.

We all do it - spend far longer fretting about something than taking the time to investigate and resolve!

A newsletter which you feel only 'implies' something isn't a basis for getting things sorted out. Have you asked your DB scheme to give you precise details of your options in respect of this £1,500? If not, that's your next step. 

Dugal

@Marcon. You are right.  Will see how helpful they are.