AVC Pensions
Are you one of those people who made additional contributions to your pension scheme in order to augment benefits, or maybe you are considering starting these extra contributions
You most probably know that one of the advantages of saving in this way is that you will receive tax relief on your contributions. It is also an easy way of saving because your employer deducts the contributions directly from your salary – so simple
However, like most things which seem simple on first glance, they are in reality somewhat more complicated and that is where we at Nicholls Stevens can help. You may need help in deciding whether to join your own scheme, or to make your own contributions to a different scheme. There is a lot to think about and we can guide you, for example, do you know how much risk you want to take with your money and do you understand the risk associated with the funds you are being offered.
We can also help you sort out if the scheme is good value for money. We are happy to review your existing schemes, some schemes have very heavy charges and you need expert advice if you decide to move your money. You do not want to leap out of the frying pan into the fire
In the past there were few options if you wanted to make these additional contributions .Now that it is possible to be a member of a personal pension and an occupational scheme at the same time, the need for AVC schemes has reduced and the personal pension has taken over as a more flexible vehicle for some clients. However, a full analysis of needs needs to be undertaken
You need expert advice if you are a member of a Superannuation Schemes such as that offered to Teachers, Local Authority or the medical profession. These scheme offer members the opportunity of securing additional service within the scheme by the purchase of “Added Years” – although on the surface such schemes look expensive, in many cases it can be advantageous particularly if your earnings increase in the years close to retirement. Carole Nicholls is one of the qualified practitioners listed on the USS (Universities Superannuation Scheme) list of approved PFS advisers
