Old AVC transfer to New AVC

[Hyrrokkin]

As I've already taken my 60 with AVC as a lump sum , it's just tidying up small amounts for me ( what remained ) . I wouldn't transfer an AVC before NRA 60 is accessed.

Why not may i ask ?

I am thinking of transferring mine to my SIPP (HL) but leave untouched until NRA60

Just curious

The main reason being you may be able to take all your AVC's with NRA60 totally tax free, depending on which section you're in and how much you have in your pot.

If you transfer to a personal pension only the first 25% will be tax free, with the rest being classed as income and coming under normal PAYE tax rules.

As ever, it'll be an individual thing and what's best for one person isn't necessarily best for another.

I thought that might be the case - as always RobertT thanks for the concise reply

[Hyrrokkin]

As I've already taken my 60 with AVC as a lump sum , it's just tidying up small amounts for me ( what remained ) . I wouldn't transfer an AVC before NRA 60 is accessed.

Why not may i ask ?

I am thinking of transferring mine to my SIPP (HL) but leave untouched until NRA60

Just curious

Robert beat me to it. Yes I took the full amount they allowed as a tax free lump sum. The remaining £3000 odd I'll just transfer to my private pension. Everyones situation Is different of course.

Cool just being nosy to be honest - always nice to see what other people do in similar circumstances

In my case (although not fully decided) not sure i want my AVC's all in one single fund which although has done well the last several years (as markets in general have) i would prefer more fund choices.

As always we are all different

[sweepster70]

Thanks Robert, an excellent answer. I'll stop hijacking this thread now.

[newckie]

No but you can transfer it to a private pension. I'm waiting for the paperwork to begin the process

Here we are in October and I'm still waiting for my AVC to be transferred, a process which I began in May. Apparently there is a 12 week deadline to have all paperwork submitted and completed, something which caused confusion with RMPP.

[RobertT]

Here we are in October and I'm still waiting for my AVC to be transferred, a process which I began in May. Apparently there is a 12 week deadline to have all paperwork submitted and completed, something which caused confusion with RMPP.

The same happened to me!

It took 4 months in total from them getting all the paperwork to the money being transferred, despite a letter from them saying it would be 3-4 weeks.

It would have taken longer had I not made a formal complaint, because they basically ignored me before that.
They even cocked things up after I'd complained!

Capita get a bad press on here, but in my experience the RMPP/PSC are just as bad, if not worse.