Transferring pensions / AVCs from UK

D

Davey44

Guest
I moved to Ireland in 1998, I was unfortunate enough to have an AVC with a UK company which offered new joiners of a pension scheme extraordinary benefits, which I seem to have ended up paying for...I'm not sure if I'm allowed to mention the name of the company.
I had a pension running with the Post Office for 11 years also.
The AVC is now promissing to pay £13 sterling a month on retirement (aged60).
I am 45 yrs at next birthday.I am now in a Health Service pension scheme. I only earn 30K at present...this will rise to approx £46k incrementally.
My questions are: Is it prudent to take a cash value of the AVC? Can I transfer or cash in my Post Office Pension? Having been severely bitten by an AVC in the past, is it worthwile taking out an AVC over here in Ireland (as my financial advisor tells me to)?
 
Hi Davey

  • What are you being offered 'cash value' instead of the £13/month from age 60?
  • You could not cash in your post office pension - you would be able to transfer it to your Irish scheme if the Irish scheme is able to accept transfer values, maybe not possible if you are a civil servant, are you?
  • What type of AVC are you being advised to take out, will you get much tax relief on it (sounds like you pay lower rate tax so probably not), what are the charges, what are the investment options?
 
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