11 Sep 2018, 16:57
11 Sep 2018, 18:38
12 Sep 2018, 08:28
RobertT wrote:The way I understand it, is they don't calculate the supplement, your cash balance from the scheme which started in April, or factor in AVC's until you actually say you want to take your pension. Which is slightly bizarre in my opinion, but that's RM for you.
12 Sep 2018, 14:49
12 Sep 2018, 16:15
18 Sep 2018, 09:37
18 Sep 2018, 13:25
Hawkey99 wrote:It just seems plain crazy that you cannot get combined pension and AVC figures.
I think it was mentioned that if you take maximum pension and no lump sum, anything over your 25 % tax free could be used to start a draw down SIPP type pension.
You're not allowed to transfer excess AVC money into a drawdown product.
You could instead take a taxable lump sum, which would be taxed under PAYE using your marginal rate; or
purchase an annuity if the amount is over £1,000; or
if it's lower than £1,000, commute it to pension.
You can transfer the total AVC fund value to another pension arrangement which provides drawdown. There is no option to transfer part of your AVC.
Flexiplan & Bonusplan are treated as separate accounts, so you could transfer one but not the other if you wish.
You can also purchase an annuity which includes the option to take up to 25% of the overall AVC value as tax free cash.
If you wish to stop payments into Bonusplan, RMPP rules state that would also mean the cessation of your active membership of the RMPP. Therefore no more DBCBS contributions for you!
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