Lump Sum Figures when you have AVCs

[NorthernBoy]

When you apply for your nra 60/65 figures (section c) the pension people will give you options about converting pension into lump sum. (Max 25% tax free)

My question is when they give you these estimates do they cross check with Scottish widows to see how much you have in your AVCs pot?

If they don’t have your avc value how can they give you accurate figures of your total lump sum that you can take from your pension.

Thanks

[RobertT]

I don't have any experience of this as I haven't taken any of my RM pensions yet. But my understanding is they send you an initial quote giving basic figures and options. It's only when you send that back do they then provide an updated quote including AVC's and DBCBS.

I'm sure someone who's gone through the process will be along to confirm.

If in doubt, I would suggest you contact them at the time and make sure they know you have AVC's and what you want to do with them.

[jasperlad]

Robert is 100% correct, it is only when you receive your retirement option forms that the AVC and DCBS figures are included.

[NorthernBoy]

Thanks all for the info.

[freespeech]

Robert is 100% correct, it is only when you receive your retirement option forms that the AVC and DCBS figures are included.

Crap isn't it.....I have almost £100k in AVC's and DBCBS which isn't even factored in until you commit to taking your pension.

[mark.cup]

I have a similar amount and it seems madness that it works as described

[reedy]

I have heard that once the new pension starts any qoutes for taking old pensions will include avc figures

[mark.cup]

Fingers crossed that is the case!

Pensions are confusing enough at the best of times...

[Jefferson Starfish]

I have heard that once the new pension starts any qoutes for taking old pensions will include avc figures

Where have you heard that please.