AVCs

[PingPong]

I have a small amount of AVCs.
I left the company pension scheme many years ago and then in 1997 my advisor recommended I bought back in. When I did so I was left with 20K over which went into a separate AVC account. It is now worth 63K and I am 52.

This will not make me rich beyond my wildest but will add somewhere in the order of £130-£150 per month to my retirement income. A tidy top up perhaps.

My question is. Could I take my AVC early prior to retirement. Take a lump sum of say £5-10K at age 55 and then run the fund down whilst still in work?

Thanks

[DrBunsenHoneydew]

I have a small amount of AVCs.
I left the company pension scheme many years ago and then in 1997 my advisor recommended I bought back in. When I did so I was left with 20K over which went into a separate AVC account. It is now worth 63K and I am 52.

This will not make me rich beyond my wildest but will add somewhere in the order of £130-£150 per month to my retirement income. A tidy top up perhaps.

My question is. Could I take my AVC early prior to retirement. Take a lump sum of say £5-10K at age 55 and then run the fund down whilst still in work?

Thanks

If it's a scheme AVC rather than a free-standing AVC they often have a restriction on the ability to take the money out unless you have also taken the main scheme benefits.

[PingPong]

[/quote]
If it's a scheme AVC rather than a free-standing AVC they often have a restriction on the ability to take the money out unless you have also taken the main scheme benefits.[/quote]

The simple answer to that is - I don't know.
I do know that the AVCs are invested away from the company scheme with an outside company.
Around this age I should start to receive invites to retirement seminars through HR in order to ask questions. No rush so will wait till then.

Cheers

[DrBunsenHoneydew]

I do know that the AVCs are invested away from the company scheme with an outside company.

Unfortunately that does not equate to the distinction between an "in-scheme AVC" versus a "free-standing AVC". If your AVC was arranged through the company and deductions are directly made from salary, it will be "in-scheme" with potential restrictions.