Increasing AVC deductions

[renrag40]

Just showing milly that you can make any random statement you like then demand people refute it if it isnt true...... even it the statement you are making you do not have a shred of evidence to back it up with...... hence milly is a vegan..... aren't you milly?

[milly]

Just showing milly that you can make any random statement you like then demand people refute it if it isnt true...... even it the statement you are making you do not have a shred of evidence to back it up with...... hence milly is a vegan..... aren't you milly?

How insightful, you can make up random statements that make no sense, what an incredible skill!
I'm glad you have cleared that up, I was beginning to think that you were just a bit dim.

[renrag40]

Why are you being like that for milly?
You're coming across as a bit precious.

[milly]

Why are you being like that for milly?
You're coming across as a bit precious.

I was also just making up a random statement without any evidence to back it up .

[renrag40]

Don’t we know it milly

[Jack1960]

Blimey, i went ono this topic to look at AVC info and get a slanging match

[cheerful]

Please be aware that the amount you can shield from Tax and NI will reduce dramatically if we don't receive a payrise soon, as the minimum wage rises to £10.42 in the new Tax year.

And it all seemed to be triggered by this.

That was useful information that should have been presented to anyone it affected.

My Additional Life Assurance, Critical Illness Cover and Healthcare Cashplan (for the wife and me) was automatically cancelled, because my AVC dropped me below the increased minimum wage.

No warning was given, just an email saying those benefits has been cancelled, and if I wanted to re-enroll next month I'd have to choose a lower level of cover or wait for a payrise. All my insurance just gone, with no notice. I haven't read any smallprint, so I'm not even sure if I need to build up a certain number of months cover before we're covered for certain things (I know most insurance policies require 12 months before they'll cover for pregnancy related things).

Thankfully we all got through April losing out on only 1 prescription charge.

Seems bizarre that something like a minimum wage going up substantially more than our 2% rise can take the MyBundle staff by suprise, and even more bizarre than someone got called vegan(!) for suggesting it.

Besides that, Lidl oat barista milk is far better than cow milk. Still prefer real cheese though.

[milly]

Please be aware that the amount you can shield from Tax and NI will reduce dramatically if we don't receive a payrise soon, as the minimum wage rises to £10.42 in the new Tax year.

And it all seemed to be triggered by this.

That was useful information that should have been presented to anyone it affected.

My Additional Life Assurance, Critical Illness Cover and Healthcare Cashplan (for the wife and me) was automatically cancelled, because my AVC dropped me below the increased minimum wage.

No warning was given, just an email saying those benefits has been cancelled, and if I wanted to re-enroll next month I'd have to choose a lower level of cover or wait for a payrise. All my insurance just gone, with no notice. I haven't read any smallprint, so I'm not even sure if I need to build up a certain number of months cover before we're covered for certain things (I know most insurance policies require 12 months before they'll cover for pregnancy related things).

Thankfully we all got through April losing out on only 1 prescription charge.

Seems bizarre that something like a minimum wage going up substantially more than our 2% rise can take the MyBundle staff by suprise, and even more bizarre than someone got called vegan(!) for suggesting it.

Besides that, Lidl oat barista milk is far better than cow milk. Still prefer real cheese though.

I thought it was a pretty innocuous and uncontroversial piece of information but unfortunately whatever I post on here seems to trigger two or three people.

[Technician14]

Hi guys starting with the RM on Monday. I already have my Pensions paid out in full so is it just a case of saying to manager that I would like to opt out of a RM Pension scheme ?

[RobertT]

Hi guys starting with the RM on Monday. I already have my Pensions paid out in full so is it just a case of saying to manager that I would like to opt out of a RM Pension scheme ?

I think they normally write to you after around 3 months of employment, with info on the DC pension. You will then need to opt out if you don't want to be a member.
Although in doing so, you'll be saying no to a decent amount of free money.

Full info on the RM Defined Contribution Plan is here: https://www.scottishwidows.co.uk/save/r ... cplan.html

[TrickyTreeshill11]

Hi all,
A newbie here..
I have a avc with Scottish Widows,paying in a monthly sum over the last 3/4 years.
I believe regarding a new pension will be starting in Oct 2024 all avc will cease.
Can't decide whether to start a new avc or invest the money in a stocks and shares isa for better returns.
Thinking of retiring in 6/7 years time.Been paying in£50 a myth in my avc.
Also could I transfer my avc out of my Scottish Widows into something else?
All replies will be much appreciated.

[milly]

You assume that I should be arguing with you about your crackpot ideas...... hoarding gold, the imminent collapse of fiat money, how Royal Mail Pension schemes are in danger of collapse, how people are being oppressed by a financial elite etc etc etc. To do that would in a way give your assertions some validity. They are baseless.
After all, you have in the past been accused of being being one of the tin foil hat brigade. I think that sums it up.

This post didn't age well, Gold was $1994 per oz on April 18th 2023 when renrag posted his comment.
Now it's $2338 per oz, nearly 20% higher!
Tinfoil Hat for the win .

[RobertT]

Hi all,
A newbie here..
I have a avc with Scottish Widows,paying in a monthly sum over the last 3/4 years.
I believe regarding a new pension will be starting in Oct 2024 all avc will cease.
Can't decide whether to start a new avc or invest the money in a stocks and shares isa for better returns.
Thinking of retiring in 6/7 years time.Been paying in£50 a myth in my avc.
Also could I transfer my avc out of my Scottish Widows into something else?
All replies will be much appreciated.

It sounds like you're in section A, B or C(or possibly F) of the RMPP and currently in the DBCBS?

AVC's are paid, technically by RM rather than you, before tax and NIC's and will benefit from tax relief and salary sacrifice(PSE), and in certain circumstances can be accessed totally tax free when the time comes.

ISA's are tax free on the way out, but your payments into them come out of your net pay, so you'll already have paid tax and NIC's on that money.
Meaning for most people, pensions which includes AVC's are the most tax efficient way to save, even if you do pay some tax on the way out.

ISA's and personal pensions will provide a much bigger choice of investments than AVC's, but that doesn't necessarily mean better returns.

You can transfer your AVC's into a personal pension with virtually any other pension provider. You can then access your money from there from the legal minimum age.

[milly]

Hi all,
A newbie here..
I have a avc with Scottish Widows,paying in a monthly sum over the last 3/4 years.
I believe regarding a new pension will be starting in Oct 2024 all avc will cease.
Can't decide whether to start a new avc or invest the money in a stocks and shares isa for better returns.
Thinking of retiring in 6/7 years time.Been paying in£50 a myth in my avc.
Also could I transfer my avc out of my Scottish Widows into something else?
All replies will be much appreciated.

It sounds like you're in section A, B or C(or possibly F) of the RMPP and currently in the DBCBS?

AVC's are paid, technically by RM rather than you, before tax and NIC's and will benefit from tax relief and salary sacrifice(PSE), and in certain circumstances can be accessed totally tax free when the time comes.

ISA's are tax free on the way out, but your payments into them come out of your net pay, so you'll already have paid tax and NIC's on that money.
Meaning for most people, pensions which includes AVC's are the most tax efficient way to save, even if you do pay some tax on the way out.

ISA's and personal pensions will provide a much bigger choice of investments than AVC's, but that doesn't necessarily mean better returns.

You can transfer your AVC's into a personal pension with virtually any other pension provider. You can then access your money from there from the legal minimum age.

All good advice, however pensions are always at the mercy of governments who can't help tinkering with them.
If I was in 20's or 30's I wouldn't be going overboard contributing to a pension due to potential government interference.

[Jefferson Starfish]

Hi all,
A newbie here..
I have a avc with Scottish Widows,paying in a monthly sum over the last 3/4 years.
I believe regarding a new pension will be starting in Oct 2024 all avc will cease.
Can't decide whether to start a new avc or invest the money in a stocks and shares isa for better returns.
Thinking of retiring in 6/7 years time.Been paying in£50 a myth in my avc.
Also could I transfer my avc out of my Scottish Widows into something else?
All replies will be much appreciated.

It sounds like you're in section A, B or C(or possibly F) of the RMPP and currently in the DBCBS?

AVC's are paid, technically by RM rather than you, before tax and NIC's and will benefit from tax relief and salary sacrifice(PSE), and in certain circumstances can be accessed totally tax free when the time comes.

ISA's are tax free on the way out, but your payments into them come out of your net pay, so you'll already have paid tax and NIC's on that money.
Meaning for most people, pensions which includes AVC's are the most tax efficient way to save, even if you do pay some tax on the way out.

ISA's and personal pensions will provide a much bigger choice of investments than AVC's, but that doesn't necessarily mean better returns.

You can transfer your AVC's into a personal pension with virtually any other pension provider. You can then access your money from there from the legal minimum age.

All good advice, however pensions are always at the mercy of governments who can't help tinkering with them.
If I was in 20's or 30's I wouldn't be going overboard contributing to a pension due to potential government interference.

So is everything else. Nothing is immune from government change and interference, regardless of the party in power.