AVC excess

Yamr1 · Post by **Yamr1** » 31 Jul 2018, 19:19

Cool Robert is that ok etc
Secton c etc lump sums etc
Sound so thick but it's a thing as stated never bothered me till now etc being 45

Post by **RobertT** » 31 Jul 2018, 19:22

It's not as good as section B, but better than the RM Defined Contribution Plan(new starters after 1/4/2008).

Yamr1 · Post by **Yamr1** » 31 Jul 2018, 19:28

Cool Robert

Post by **RobertT** » 31 Jul 2018, 19:32

You would have got a 'guide to benefits' delivered to your home address recently which gives you all the details.

The latest annual statements are due in early October.

Yamr1 · Post by **Yamr1** » 31 Jul 2018, 20:15

Cheers bud

NWpostie · Post by **NWpostie** » 31 Jul 2018, 21:00

Anyone in service before 1st April 1987 is in section B, anyone after is in section C.
I missed the deadline by a few months.

When I joined up it didn't really register how important the difference was, all I knew as a young pup was that it was final salary, so I signed up for extra years, bonusplan AVC payments etc. Then the scheme changed to Defined Benefit and now this new proposed CDC scheme.

I decided to take out AVC growth plan recently to hedge my bets and try to ensure a comfortable retirement, when I can do the things I want to do without worrying about how I'm going to manage.

Yamr1 · Post by **Yamr1** » 31 Jul 2018, 22:52

Only started avc last yr growth fund only 3.88 cause a seen royal mail matched it but ready to add more now for over the next 16 year phew long time away but not really how time flys .
Pity you missed it bud only few months asswell .
I no everyone's situation is different but what what should you aim for without getting tax about 35 thousand.
I take it you check avc online and try aim for that amount before you retire.
Sorry if a sound daft this is all new and any advice is great guys

NWpostie · Post by **NWpostie** » 01 Aug 2018, 09:03

That's the plan a minimum of £35k lump sum would be brilliant.
Assuming my plan works out I will have put in nearly £45,000 over the 10 years of the plan, so my proportion of my lump sum is bigger and covert the rest into a lifetime pension.

Nearer the time I will be taking financial advice so I can keep as much for myself as possible without the taxman grabbing too much.

Even tho I missed the Section B deadline, at the end of the day, any pension is better than no pension.

Yamr1 · Post by **Yamr1** » 01 Aug 2018, 10:38

Great bud need to up my game over the next 16 years

heapsy · Post by **heapsy** » 02 Aug 2018, 10:00

Just a thought. If you have both the NRA60 and NRA65 pensions, can you defer any excess AVCs until you take your NRA65 pension?

Post by **RobertT** » 02 Aug 2018, 14:22

heapsy wrote:Just a thought. If you have both the NRA60 and NRA65 pensions, can you defer any excess AVCs until you take your NRA65 pension?

Yes!