New Posts For Thread: Any financial experts or pension experts regarding an AVC pension?https://community.betfair.com/chit_chat/go/thread/view/94038/30413581/any-financial-experts-or-pension-experts-regarding-an-avc-pensionHi,There is voluntary redundancies in our office shortly, if I take the redundancy my offer would be around 50k, I have asked the pensions people can I take a 30k payoff and put the other 20k into my pension fund, they said I cannot pay it into my coBTW I am no pension expert but this is the way my company scheme workshttps://community.betfair.com/chit_chat/go/thread/view/94038/30413581/any-financial-experts-or-pension-experts-regarding-an-avc-pension?post_id=543062241#543062241BTW I am no pension expert but this is the way my company scheme worksMon, 12 Jan 2015 12:40:46 -0600OP, you need to speak to your company pension administrator as a lot depends on the scheme rules,If its a Final Salary scheme with an associated AVC scheme some allow you to use the value of the final salary scheme to qualify towards the 25% tax freehttps://community.betfair.com/chit_chat/go/thread/view/94038/30413581/any-financial-experts-or-pension-experts-regarding-an-avc-pension?post_id=543062227#543062227OP, you need to speak to your company pension administrator as a lot depends on the scheme rules,If its a Final Salary scheme with an associated AVC scheme some allow you to use the value of the final salary scheme to qualify towards the 25% tax freeMon, 12 Jan 2015 12:39:09 -0600If your company matches some of your contributions or refunds the company NI on your pension contributions it can be very worthwhile. I agree with your sentiment of "all eggs in one basket" as tax rules can change, as can your state pension age! If yhttps://community.betfair.com/chit_chat/go/thread/view/94038/30413581/any-financial-experts-or-pension-experts-regarding-an-avc-pension?post_id=543062031#543062031If your company matches some of your contributions or refunds the company NI on your pension contributions it can be very worthwhile. I agree with your sentiment of "all eggs in one basket" as tax rules can change, as can your state pension age! If yMon, 12 Jan 2015 12:20:13 -0600all that seems pretty obvious.https://community.betfair.com/chit_chat/go/thread/view/94038/30413581/any-financial-experts-or-pension-experts-regarding-an-avc-pension?post_id=543061847#543061847all that seems pretty obvious.Mon, 12 Jan 2015 12:03:47 -0600tax relief is great obviously but only those retiring early and been able to manage currently on 10,000 see any real benefit,anyone waiting till retirement age getting between 8 and 10 grand pension , is going to pay tax on most of his pension on thehttps://community.betfair.com/chit_chat/go/thread/view/94038/30413581/any-financial-experts-or-pension-experts-regarding-an-avc-pension?post_id=543060975#543060975tax relief is great obviously but only those retiring early and been able to manage currently on 10,000 see any real benefit,anyone waiting till retirement age getting between 8 and 10 grand pension , is going to pay tax on most of his pension on theMon, 12 Jan 2015 10:57:20 -0600Of course, you also still have your personal allowance in retirement.http://webarchive.nationalarchives.gov.uk/+/http://www.hmrc.gov.uk/pensioners/reducing-allowances.htmhttps://www.moneyadviceservice.org.uk/en/articles/age-related-personal-allowancehttps://community.betfair.com/chit_chat/go/thread/view/94038/30413581/any-financial-experts-or-pension-experts-regarding-an-avc-pension?post_id=543059225#543059225Of course, you also still have your personal allowance in retirement.http://webarchive.nationalarchives.gov.uk/+/http://www.hmrc.gov.uk/pensioners/reducing-allowances.htmhttps://www.moneyadviceservice.org.uk/en/articles/age-related-personal-allowanceMon, 12 Jan 2015 09:21:30 -0600Yes, you can either take the 25% in one lump sum, or in a number of lump sums.http://www.theguardian.com/money/2014/oct/14/uk-pension-reforms-what-meanhttps://community.betfair.com/chit_chat/go/thread/view/94038/30413581/any-financial-experts-or-pension-experts-regarding-an-avc-pension?post_id=543059193#543059193Yes, you can either take the 25% in one lump sum, or in a number of lump sums.http://www.theguardian.com/money/2014/oct/14/uk-pension-reforms-what-meanMon, 12 Jan 2015 09:19:57 -0600stow,doesnt all that 25% nonsense change in april?https://community.betfair.com/chit_chat/go/thread/view/94038/30413581/any-financial-experts-or-pension-experts-regarding-an-avc-pension?post_id=543058199#543058199stow,doesnt all that 25% nonsense change in april?Mon, 12 Jan 2015 07:49:15 -0600The tax free part you can withdraw is 25% of the total pot. I guess this can get quite complex if you had some in a final salary pension, and other funds in various money purchase schemes.https://www.gov.uk/tax-on-pensionIn my view, you should carryhttps://community.betfair.com/chit_chat/go/thread/view/94038/30413581/any-financial-experts-or-pension-experts-regarding-an-avc-pension?post_id=543057905#543057905The tax free part you can withdraw is 25% of the total pot. I guess this can get quite complex if you had some in a final salary pension, and other funds in various money purchase schemes.https://www.gov.uk/tax-on-pensionIn my view, you should carryMon, 12 Jan 2015 07:22:55 -0600I suggest that you set one up and pay money into it before you stop working. If you can get your company to pay it directly, they might be able to pay it before tax is taken off. If you pay it separately, they will still refund the tax. I started athttps://community.betfair.com/chit_chat/go/thread/view/94038/30413581/any-financial-experts-or-pension-experts-regarding-an-avc-pension?post_id=543057857#543057857I suggest that you set one up and pay money into it before you stop working. If you can get your company to pay it directly, they might be able to pay it before tax is taken off. If you pay it separately, they will still refund the tax. I started atMon, 12 Jan 2015 07:18:43 -0600