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AVC - Can i get the cash out, should I merge ?
jessmjc
Posts: 21 Forumite
Folks
I'm 33 and have been in a good company pension scheme since I was 16. Hopefully I'll stay with this company.
I took out an AVC with Norwich Union in my early 20's and now have about £10000 in it.
I could really do with this money right now as I'm getting married this year. Is there any way I can get the money out of an AVC ?
If not, would you advise merging this into my company pension ?
Jessmjc
I'm 33 and have been in a good company pension scheme since I was 16. Hopefully I'll stay with this company.
I took out an AVC with Norwich Union in my early 20's and now have about £10000 in it.
I could really do with this money right now as I'm getting married this year. Is there any way I can get the money out of an AVC ?
If not, would you advise merging this into my company pension ?
Jessmjc
0
Comments
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Is there any way I can get the money out of an AVC ?
Nope.If not, would you advise merging this into my company pension ?
There is no way for us to tell. If its an AVC then it may not be possible. If it was an FSAVC then it is possible but may or may not be the best option. Too many variables that we dont know.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Its a FSAVC - does this make any difference ? any way of getting at the cash ?0
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It makes a difference as its now a personal pension technically as FSAVCs were abolished in April 06. However, you still cannot get the money.
The Govt gives tax relief and tax free growth and to get that they stop you taking it out before a retirement age.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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