NRA60 AND AVC

[SeanMc]

Does anyone have any experience
of taking an AVC with their NRA60. I was just wondering how it is included in the Options or is it treated separately ? Thanks in advance.

[RobertT]

AVC's are usually used to fund the tax free cash when taking NRA60 and/or NRA65 benefits. They're particularly useful for section C members as they don't get a lump sum as standard.

The way I understand things with the quotes, is that you first get a quote which just includes your pension options. You then say whether you want to continue and you then get a second quote which includes your AVC's and any DBCBS that might be payable.

You can also come up with your own ballpark figures before you get your quotes by using the '20x multiple method'. See page 12 of your member guide to benefits for more info.
But if you're only taking your NRA60, obviously only include those figures(using your last annual statements).

[SeanMc]

Thanks Robert, my NRA60 is payable from today! I still haven't got my options forms (something to do with having left the job in November). Judging by what you say the figures in the options should include the AVC and whatever else is due. Here's hoping!

[stephen500]

Thanks Robert, my NRA60 is payable from today! I still haven't got my options forms (something to do with having left the job in November). Judging by what you say the figures in the options should include the AVC and whatever else is due. Here's hoping!

Remember because you have left, you have to apply to Both RMSPS and RMPP seperately.

[SeanMc]

Thanks Stephen, i have had correspondence from both telling me what my final figs are having left. But just waiting on the Options forms. Also having read your previous posts on the subject (which i found very helpful) i will be going for Option 2 for NRA60 and 2A for NRA65 (Max Lump Sums). Hope you are enjoying your retirement, i will when i get this sorted lol.

[stephen500]

Thanks Stephen, i have had correspondence from both telling me what my final figs are having left. But just waiting on the Options forms. Also having read your previous posts on the subject (which i found very helpful) i will be going for Option 2 for NRA60 and 2A for NRA65 (Max Lump Sums). Hope you are enjoying your retirement, i will when i get this sorted lol.

Good luck

[stephen500]

Thanks Stephen, i have had correspondence from both telling me what my final figs are having left. But just waiting on the Options forms. Also having read your previous posts on the subject (which i found very helpful) i will be going for Option 2 for NRA60 and 2A for NRA65 (Max Lump Sums). Hope you are enjoying your retirement, i will when i get this sorted lol.

I have just sent two replies to you by private message in response to your message to me.

[SeanMc]

[stephen500]

I have sent further replies to your private message to me.
"However I did help some one who had avcs and yes they were one of the options on RMSPS (NRA 60) and from memory did not appear at all on RMPP (NRA 65) So his avcs were to the best of my memory, all taken with NRA 60 (RMSPS). I think it expanded his options, whereas I had only 3 options, (NRA 60 RMSPS) he had more which included his AVCs. (so for me option 2 was the best, because I had no avcs, but he did and it was not the best choice for him)
So be careful if you want to take your Avcs as your option to include them, may not be option 2.
So when you get your final choice, check carefully.
If you want the max lump sum with pension (15% reduction for 25% tax free) and your avc, it may be a different option than option 2."
I know you have more options, so as said, if you want max lump sum, with reduced pension and Avcs, choose that option, which going off my colleagues options, won't be option 2.