avc`s

[freddiemark1]

can anyone help on how to obtain frozen AVC`S to which i no longer contribute and have no intention of rejoining, i appreciate tax will have to be paid on withdrawal, i am still employed by the company holding the AVC`S and i am still a contributor to the company pension scheme. thanks in advance.

[dzug]

I'm pretty sure you can't get them refunded unless you leave the company AND have less than two year's service. Alternatively, if when you retire your AVCs take you above the limit for a pension, you can get the excess back.

http://www.hmrc.gov.uk/pensionschemes/ir2.htm#e3

has some details

[WendyS]

I'm pretty certain dzug's advice is correct and that you can only withdraw your own contributions from your employer's pension scheme if you leave within two years of joining - otherwise your pension contributions will be remain invested until you reach the age when you're entitled to draw a pension.

If you want more flexibility in your future retirement saving an ISA might be more appropriate (not that I'm a financial advisor & able to give you advice) but at the moment they are only planned to last until about 2009. With all the emphasis currently being paid to under-provision into pension schemes, you may one day be glad you've paid this extra money into your pension, even if you'd rather have it in hand right now.

[freddiemark1]

thanks dzug and wendys for your reply i had an idea this was the case, but you like to hear the question confirmed. looks like a loan for the xmas presents, have a good one.