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    • Muttley81
    • By Muttley81 11th Mar 18, 8:06 AM
    • 2Posts
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    Muttley81
    Pension Transfer Value etc
    • #1
    • 11th Mar 18, 8:06 AM
    Pension Transfer Value etc 11th Mar 18 at 8:06 AM
    Hello to everyone, this is my first post here!
    Any help/advice on the following would be very much appreciated.
    I have two pensions which were linked to my job and I stopped paying into them around 10 tears ago, and I also have another kind of pension through a long standing money society , I think at the time it was called an AVC (additional voluntary contribution which was a kind of pension). All 3 "pots" have at present around 20,000 each stated as a transfer value etc. Does this mean that when I am 55 (not that far way!) I have around 60,000 (the approx total from all 3 pots) I can withdraw?
Page 1
    • GunJack
    • By GunJack 11th Mar 18, 10:04 AM
    • 10,108 Posts
    • 7,573 Thanks
    GunJack
    • #2
    • 11th Mar 18, 10:04 AM
    • #2
    • 11th Mar 18, 10:04 AM
    Hello to everyone, this is my first post here!
    Any help/advice on the following would be very much appreciated.
    I have two pensions which were linked to my job and I stopped paying into them around 10 tears ago, and I also have another kind of pension through a long standing money society , I think at the time it was called an AVC (additional voluntary contribution which was a kind of pension). All 3 "pots" have at present around 20,000 each stated as a transfer value etc. Does this mean that when I am 55 (not that far way!) I have around 60,000 (the approx total from all 3 pots) I can withdraw?
    Originally posted by Muttley81
    ....and if you try and withdraw it all at once you'll lose something like 20-odd thousand in tax, possibly more...
    ......Gettin' There, Wherever There is......
    • Brynsam
    • By Brynsam 11th Mar 18, 10:54 AM
    • 922 Posts
    • 604 Thanks
    Brynsam
    • #3
    • 11th Mar 18, 10:54 AM
    • #3
    • 11th Mar 18, 10:54 AM
    Hello to everyone, this is my first post here!
    Any help/advice on the following would be very much appreciated.
    I have two pensions which were linked to my job and I stopped paying into them around 10 tears ago, and I also have another kind of pension through a long standing money society , I think at the time it was called an AVC (additional voluntary contribution which was a kind of pension). All 3 "pots" have at present around 20,000 each stated as a transfer value etc. Does this mean that when I am 55 (not that far way!) I have around 60,000 (the approx total from all 3 pots) I can withdraw?
    Originally posted by Muttley81
    If these are defined benefit (aka final salary or similar) schemes, you will need to transfer them to a defined contribution arrangement before you can access the cash.

    The AVC may be directly accessible - not possible to tell from the info you've given. If it is linked to one of the pension schemes, that will take your total transfer value from that scheme to over 30,000 so you will be required to take advice from an authorised and regulated person before you can transfer out.

    Transfer values fluctuate according to market conditions. As the previous answer has pointed out, if you try to scoop the pool and take the lot in one go, you'll face a hefty tax bill, so might be wise to spread it over a number of tax years, depending on your other taxable income.
    • Muttley81
    • By Muttley81 11th Mar 18, 11:39 AM
    • 2 Posts
    • 0 Thanks
    Muttley81
    • #4
    • 11th Mar 18, 11:39 AM
    • #4
    • 11th Mar 18, 11:39 AM
    Thanks for your replies guys,your input is very much appreciated
    I will soon be receiving the statement I get each year from the AVC one, think once I get that and have all 3 statements together I will seek some advice from an authorised / regulated advisor etc.
    • LHW99
    • By LHW99 11th Mar 18, 5:09 PM
    • 1,280 Posts
    • 1,179 Thanks
    LHW99
    • #5
    • 11th Mar 18, 5:09 PM
    • #5
    • 11th Mar 18, 5:09 PM
    authorised / regulated advisor etc.
    Make that an INDEPENDENT Financial Adviser (with authorisation)
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