AVC's

[Daco]

I was thinking of paying into the AVC pension scheme, what do I have to do to join and is it a wise move.
I have only been in the pension plan for 3 years but have a pension from a previous employer which I have already paid AVC's into.
Ime aged 53 so I feel that I should boost my pension this way, but am a little wary of the Royal mail pension scheme at the present moment.
Looked on the pension website but couldnt find any application forms or anything.
Any advice would be appreciated.
Thanks

[Dogs of War]

no way waste of money.

[baldrick]

I used to pay into AVCs - Equitable Life and Norwich Union, but after Equitable life crashed
I transferred the remaining funds into the Post Office 'Addplan'.
Flexiplan AVC's are generally based on the value of shares and the Stock Market isn't looking too good,
especially in the short term.
You can get info on AVCs from the Pensions Helpline on 0114 241 4545, or email: pensions.helpline@royalmail.com

[taxi4leighton]

the stock market which "isnt looking too good" has actually risen over 35% in value in the last 6 months.avc has huge tax advantages. you can get ones which are atuned to the FT100 index or ones which are similair to interest rates,

[baldrick]

the stock market which "isnt looking too good" has actually risen over 35% in value in the last 6 months.
But how much had it fallen before that?

ones which are similair to interest rates.
Which aren't looking to good either.

But I agree that AVCs are worthwhile in the long term, given that you don't pay tax on them.

[Daco]

Thank you everyone for your advice/info.
I just wanted to boost my pension a bit, was only thinking of £5 or £10 a week, didnt know wether to put it into a personal pension or what.
I thought it might be better doing AVC's because of the tax relief.
Independant advice from financial advisors costs a fortune so ive been looking over the internet and have got meself a bit confused with whats best to do.
Thanks again.

[RobertT]

I thought it might be better doing AVC's because of the tax relief.

You get tax relief on all your pension payments whether it's the main RM scheme,AVC's or a personal pension.

Personally I have my AVC's with the Norwich Union/Aviva Managed Fund and have both Bonusplan and Flexiplan,so I benefit from a bit extra from RM plus another 6% on top.