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A.v.c
Dudog
Posts: 19 Forumite
A friend of mine will have maximum teachers pension when he retires.He was sold some time ago A.V.C. Is he able to get his money back as he was wrongly sold this product?
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Comments
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Although he may have the maximum teachers' pension he can still receive the benefits of the AVC. Why do you believe he was mis-sold?0
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AVCS were rarely mis-sold. Indeed, most people bought an AVC without advice.
As the maximum pension pot is £1.8 milion is your friend really at that limit?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 -
If anyone can get in maximum number of years in a pension scheme surely if they are then sold an AVC mis-selling has occured.0
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If anyone can get in maximum number of years in a pension scheme surely if they are then sold an AVC mis-selling has occured.
If the combined value of the final salary scheme (its nominated value as it doenst really have a value in a money purchase sense) and the AVC are above the lifetime allowance then its possible that there was a mis-sale if she sought advice before buying an AVC. However, I have never known any teacher have more than 1.8 million pounds worth of pensions. so no mis-sale.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 -
If anyone can get in maximum number of years in a pension scheme surely if they are then sold an AVC mis-selling has occured.
Sorry, pressed the Thanks button in error.....
No, it is possible to receive the benefits of the AVC even if they have 40 years in the NHS scheme, unless (as stated above) their pension pot is too large.0 -
Sorry but I disagree because AVC will pay out and local authority will reduce maximum pension accordingly.If you physically can get full number of years in you are not eligible to contribute to an Avc therfore miss-selling has occured.0
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Sorry but I disagree because AVC will pay out and local authority will reduce maximum pension accordingly.If you physically can get full number of years in you are not eligible to contribute to an Avc therfore miss-selling has occured.
Why do you believe that to be the case? Is this an AVC or an FSAVC (the former was bought the latter was sold).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 -
FSAVC sold by insurance salesman0
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Right. So, why do you think this teacher is going to exceed the £1.8 million lifetime allowance with their occ scheme and FSAVC?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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Sorry but I disagree because AVC will pay out and local authority will reduce maximum pension accordingly.If you physically can get full number of years in you are not eligible to contribute to an Avc therfore miss-selling has occured.
I think you are confusing "buying extra years" and contributing to a AVC.0
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