Cornmarket Advice please

O

orwell

Registered User
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having just watched primetime regarding Cornmarket and AVC scheme, I need some advice.
I am a 31 year old nurse, qualified in 1999, permanent in my present post 8 years. Working part time now,24 hours per week which is permanent. Salary is 27,738 per year(basic), with premium pay(sundays and night duty) I make extra 9,924 per year so total salary before tax is 37,662 per annum.
Am presently paying AVC of roughly 100 per fortnight(it fluctuates, ashamed to say not sure why)
Obviously after watching programme tonight I want to get away from Cornmarket, any advice what is the best way to go about ensuring I have a fairly decent income/pension fund when I retire?? Is the NSP a better option for me??
All advice welcome..
 
Hi Orwel,

Looking at your figures, you will probably has 40 years service at 61-62. To give you 40 years service you would only be a couple of years short. With the length of service you have till you retire It would not be to expensive to purchase the additional years to retire at 60.

It would be worth contacting your payroll office to get a quotation on buying back the added years to get full pension at 60.

You may be able to pay this with a lump sum which may be realised by cashing in the AVC.

Others may be able to give more specific and accurate advice.

I just noticed you are not working a full week permenantly and this would have an impact on the calculations above.
 
Orwel, dont panic!!! get it checked out by Cornmarket...yes Cornmarket. Having got a quote myself for NSP from my employer i think they will base the cost of buying back years as if you were working full time whic might not be worthwhile. for me AVC were better because I will get more at retirement
 
Thanks for the advice and that pensions calculator..just haven't a clue about pensions in general,but will be doing some research to see whats the best option for me.
 
hi orwell

cant give too much advice im afraid. also feeling sick about being with cornmarket after that primetime programme.

just wanted to ask you,when were you told about the exection only basis available to do avc s by?the salesman only told me afterwards.
 
Hi Disillusiond,
Haven't a clue what exection only basis is or means (told you haven't a clue about pensions!!) cornmarket salesman never mentioned it, nor anything else apart from AVC's..
 
Execution-only refers to a service without advice, whereby the intermediary sets up the financial product for a client with reduced charges, because no advice is being offered.

If orwell doesn't have a clue about pensions in their own words, execution-only service would not have been appropriate, as it's really only for someone who knows exactly what they want.
 
my point exactly,orwell. this option wasnt even mentioned to you. if you thought that you would save 495 euro set up fee,you would do your own research. i must say i feel none the wiser after the cornmarket rep's sales pitch,clearly a good one,which is why i signed up but he failed to mention my options until after the event. when i said this to him he said i had to pay for it then because whether i decided to go ahead with the scheme or not i had taken his advice???????maybe i should get on to the regulator,it doesnt seem right...sharp practice once again.shame on you cornmarket from one very dissatisified customer.
 
I'm 24, just setting up my pension. My dad has an AVC pension and advised me to go for the same. However, looking at the above comments, I'm thinking twice now. What's so wrong with AVC pensions? If not for my sake, my father's!
 
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