avcs

[sambro]

Does anyone know if I will be able to draw out my contributions as a lump sum rather than use it to buy a pension when I retire?I have recently had a statement and the estimated pension is a joke. Also I would have to live a hell of a long time after retiring to get my moneys worth!

[Loosehead]

you can take a proportion of your total pot as a lump sum but the bulk of it must be used to buy an Annuity by the age of 75. In the mean time you can take income draw down as an option. You can buy the annuity at the time when rates are favourable at any time but you must have bought it by the age of 75. It would be good if you could take the whole pot and invest it yourself but the government does not trust you not to blow the lot and end up dependent on the state.

[dasherman]

You will be able to take 25% as a lump sum,the rest must be used to buy an annuity.