AVC and NRA 65

[oliviamae]

Hi all, I took Nra60 when I was 60 and took lump sum (used some of my AVC ) and a monthly payment
What now happens to the rest of my AVC, does it go
With NRA65 along with the cash balance ?
I do also have a drawdown pension ,is it worth putting
It in there . I have about 27k worth with Flexiplan and Bonusplan Thanks for replying

[RobertT]

You can either take the rest of your AVC with Age 65/DBCBS, or transfer it out to a personal pension for drawdown. Which could be one you already have or a completely new one.

What's best from a financial point of view, will come down to which is the most tax efficient, and that will be an individual thing to some degree.

But for what it's worth, I'll be in a similar position and expect to pay more tax on my excess Flexiplan cash if I take it with with Age65, compared to transferring it out, so I intend to do that sometime between taking Age60 and Age65 benefits.
*I've already transferred out Bonusplan to help fund early retirement.

[oliviamae]

Thank you so much for the reply, very helpful

[max49]

I took my 65 pension a year age and I also had an AVC, I was a section B pensioner. I chose to use part of my AVC to fund the Capita part of the pension, the cash balance is used with the Royal Mail part. The remaining AVC funds I have left with Scottish Widows for the time being, though I am planning, at some point in the future, to transfer the remainder to another company which will allow me to drawdown.