11 Aug 2019, 10:07
11 Aug 2019, 10:53
11 Aug 2019, 11:49
Hawkey99 wrote:Hi all,
Im very confused about how how I can take my AVCs and the impact of tax if over 25% of the total pension pot.
Im sure there was a post which said if you took your NRA 60 you could take either your bonus plan or Flexiplan but you could not part part of either and defer the rest to your NRA 65.
Please see below an email I have received from the pension dept which is at odds with this.
"I have been advised that due to the large amount of AVC’s you have invested in both the Flexiplan and Bonusplan schemes.
There is a possibility that you will be able to take the majority of your AVC with your NRA 60 benefits, however their most probably will be an excess of the AVC fund. Which will need to be carried forward to when you take your NRA 65 benefits."
Any thoughts ??
11 Aug 2019, 11:50
11 Aug 2019, 11:51
heapsy wrote:Sounds like you can split your AVCs, and take some when you reach 65. If so, then that is good news you me as I'm hammering the AVCs at the moment. The pension department don't help themselves very much. There isn't enough information on the website, Q & As etc. Also, in this day and age, you should be able to view your pension value online. Even if it is about 3 months behind. That would give people some idea how they were doing with pension planning. A private pension would enable you to view this, usually only 24 hrs behind. Strange how RM don't.
11 Aug 2019, 13:58
11 Aug 2019, 14:47
11 Aug 2019, 14:55
11 Aug 2019, 16:43
13 Aug 2019, 12:44
13 Aug 2019, 13:21
Hawkey99 wrote:Thanks Robert,
Great ideas as always.
I still cannot believe that given the complete minefield that pension are and the fact that we have 3 Royal Mail completely ignore what I consider to be their responsibility and offer no classes, help or support of any kind in this area.
Just on another note, the financial advice support they did offer was just for DCpensions wasn't it ??
13 Aug 2019, 15:29