FourPawedDog
Registered User
- Messages
- 20
I make monthly contributions to an AVC via my unions group scheme through salary deduction. Having done some research, I believe I can get better service, value and performance from a different AVC administrator to the one utilised by my union and therefore would like to be able to do so.
On the surface, this appears not to be possible, however, after some digging, I gather it may be done on completion of an actuarial report (carried out at the request of a broker acting on my behalf) which compares my current AVC arrangements to a proposed new AVC arrangement. Once done, I am lead to believe I can transfer my funds out of the unions group scheme, without cost to me, and into another fund administrator which provides better service, value and performance. The only significant difference appears to be that if I move out of the unions group scheme, I am unable to avail of contributions being deducted directly from my salary and would therefore need to set up a monthly direct debit instead thus getting any tax relief in the form of tax credits. I understand that this process can be somewhat laborious and take up to six months to complete.
With the above in mind, I would appreciate views on the credibility/feasibility of my proposed actions and if anyone might foresee any significant negative consequence of removing myself from the current union group scheme?
Perhaps others have already done something similar?
On the surface, this appears not to be possible, however, after some digging, I gather it may be done on completion of an actuarial report (carried out at the request of a broker acting on my behalf) which compares my current AVC arrangements to a proposed new AVC arrangement. Once done, I am lead to believe I can transfer my funds out of the unions group scheme, without cost to me, and into another fund administrator which provides better service, value and performance. The only significant difference appears to be that if I move out of the unions group scheme, I am unable to avail of contributions being deducted directly from my salary and would therefore need to set up a monthly direct debit instead thus getting any tax relief in the form of tax credits. I understand that this process can be somewhat laborious and take up to six months to complete.
With the above in mind, I would appreciate views on the credibility/feasibility of my proposed actions and if anyone might foresee any significant negative consequence of removing myself from the current union group scheme?
Perhaps others have already done something similar?