AVC Advice please

beansy

I would appreciate some help/advice with the following:

I am 55 yrs of age and have approx 16 yrs supperann pension with the NHS (not sure exactly as previously worked 32 hrs pw then f/t). Due to the late start of my pension I have also been paying 9% of my salary into an AVC since 1992. My official state retirement age is 63 yrs but I hope to take early retirement (and take up p/t employment elsewhere) within the next 2 - 3 yrs.

It has been suggested to me that I should consider stopping my AVC and looking for a better alternative (if there is one). This is paid direct from my salary and is with the Halifax - previously Equitable Life.

I already make use of my annual cash ISA allowance and look for the best paying monthly savings account at the start of the new tax year to save for the next year's ISA.

My husband and I were about to seek some financial advice/will planning a few months ago, but sadly he fell out with our only son and I do not think this is a good time to pursue this as he is not in the right frame of mind towards the son!

Hope you don't think this cheeky but I am very good at looking after the pennies but not very savvy when it comes to the £££s.

I would appreciate any suggestions/advice.

Many thanks.

Beansy

ChrisBoo

Dear Beansy
Your paymasters dept should be able to give you a pension forecast for your NHS pension for whichever year you want to retire - they are usually quite comprehensive with this. I've had mine forecast to retire at 55, 60 and 65 so I can see what a difference there is. Liverpool Victoria offer a financial planning service for RCN/NHS employees free - we've used them and they weren't pushy at all and offer whole of sector advice not just their own products. I think you're doing well to use your yearly ISA allowance as this is the best tax free deal by far. Good luck!

beansy

ChrisBoo wrote: »

Dear Beansy
Your paymasters dept should be able to give you a pension forecast for your NHS pension for whichever year you want to retire - they are usually quite comprehensive with this. I've had mine forecast to retire at 55, 60 and 65 so I can see what a difference there is. Liverpool Victoria offer a financial planning service for RCN/NHS employees free - we've used them and they weren't pushy at all and offer whole of sector advice not just their own products. I think you're doing well to use your yearly ISA allowance as this is the best tax free deal by far. Good luck!

Thank you for your prompt reply.

I will follow these leads up and any others I may receive.

Regards

Beansy

beansy

beansy wrote: »

I would appreciate some help/advice with the following:

I am 55 yrs of age and have approx 16 yrs supperann pension with the NHS (not sure exactly as previously worked 32 hrs pw then f/t). Due to the late start of my pension I have also been paying 9% of my salary into an AVC since 1992. My official state retirement age is 63 yrs but I hope to take early retirement (and take up p/t employment elsewhere) within the next 2 - 3 yrs.

It has been suggested to me that I should consider stopping my AVC and looking for a better alternative (if there is one). This is paid direct from my salary and is with the Halifax - previously Equitable Life.

I already make use of my annual cash ISA allowance and look for the best paying monthly savings account at the start of the new tax year to save for the next year's ISA.

My husband and I were about to seek some financial advice/will planning a few months ago, but sadly he fell out with our only son and I do not think this is a good time to pursue this as he is not in the right frame of mind towards the son!

Hope you don't think this cheeky but I am very good at looking after the pennies but not very savvy when it comes to the £££s.

I would appreciate any suggestions/advice.

Many thanks.

Beansy

BUMP

I notice some threads seem to attract a lot of interest, any more offers of advice please?

cyclonebri1

beansy wrote: »

BUMP

I notice some threads seem to attract a lot of interest, any more offers of advice please?

It may just be that the questions receiving the most advice also give the most conflicting and oposite advice

Also if folks think you've just about got it right and also that the best advice has already been posted, well you probably get my drift.

Sorry nothing else to add just trying to explain the lack of response, however if you can add to your query it may trigger further reply;)

Edited to add that I asked a similar question on another forum some time ago (not the original subject but why so few replies) I got the reply; "have you considered that no one may know?"

I hadn't actually:rotfl:

dunstonh

What you are asking it quite specific to you and we dont know your circumstances so its really hard to say what is right or wrong.

AVCs are largely obsolete nowadays. Unless the employer gives some incentive or there is some enhancement to the occ scheme then there is usually no reason to be paying into an AVC which has greater restrictions than the alternatives.

What could be best could be ISAs, personal pensions, SIPPs, stakeholder, unit trusts etc. depending on what you are trying to achieve.