AVC's NRA60

[freespeech]

Are BonusPlan And FlexiPlan both linked to NRA60? If I only have those two am I right in thinking the only way I can still improve my NRA60 pot is by upping contributions to FlexiPlan?

[RobertT]

Bonusplan and Flexiplan can be linked to either NRA60 or NRA65. Although as the DBCBS is predominantly linked to NRA65 to provide the lump sum with that, it makes more sense to use Bonusplan and Flexiplan with NRA60.

As we stopped accruing pension in 2018, the only way most people with NRA60/65 benefits can increase their overall pot, is by paying AVC's.

You also have to consider what you want from your pension and AVC's.
You can't increase the NRA60 or NRA65 amounts by paying AVC's, but you can use them to provide all of the tax free cash. So there's no need to give up any pension to get that cash.

It's not possible to increase payments into Bonusplan, so the only other option via RM is Flexiplan.

Alternatively AVC's can be transferred out for drawdown or annuity purchase.

[freespeech]

Bonusplan and Flexiplan can be linked to either NRA60 or NRA65. Although as the DBCBS is predominantly linked to NRA65 to provide the lump sum with that, it makes more sense to use Bonusplan and Flexiplan with NRA60.

As we stopped accruing pension in 2018, the only way most people with NRA60/65 benefits can increase their overall pot, is by paying AVC's.

You also have to consider what you want from your pension and AVC's.
You can't increase the NRA60 or NRA65 amounts by paying AVC's, but you can use them to provide all of the tax free cash. So there's no need to give up any pension to get that cash.

It's not possible to increase payments into Bonusplan, so the only other option via RM is Flexiplan.

Alternatively AVC's can be transferred out for drawdown or annuity purchase.

Thanks (again) Robert. Yes, my DBCBS fund is already well above the cash LS element of NRA65 so I was just checking what I can do with NRA60 as I want to take maximum LS from both pensions.