New pension

Mailman300 · Post by **Mailman300** » 21 Jan 2018, 20:13

I had to get AVC’s because I wasn’t allowed to put any more into my RM pension. But now we are starting a new pension, does this mean I can now transfer my AVC’s into our new pension.

Post by **RobertT** » 22 Jan 2018, 04:21

We don’t yet know what sort of pension we’re getting, let alone how AVC’s will be treated!

But since RM first announced it was going to close the RMPP to future accrual, there have been 3 alternatives put forward by the company:

1. Defined Contribution – AVC’s would stop but you could pay extra into the DC scheme instead, info.
2. Cash Balance – AVC’s would continue in their current form, info.
3. Collective Defined Contribution – No legislation so obviously no finer details yet, but my guess would be AVC’s would continue as now.

As far as I’m aware there has never been the ability to transfer AVC’s into the main RM pension to provide extra benefits, and I don’t expect that to change any time soon.

Mailman300 · Post by **Mailman300** » 22 Jan 2018, 13:53

Ok, thanks.
I will have to wait and see what the new pension offers.
Cheers.