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Information for IFAs

IFA- transferring AVCs

In accordance with the LGPS (S), Lothian Pension Fund allows current members to make AVC payments via either Standard Life or Prudential. At present a scheme member can only take a drawdown of AVC’s if they are transferred to another pension scheme which allows such drawn down. AVC’s can be transferred at any time before the age of 75. The member does not need to have left the scheme however AVC payments must cease before a transfer can take place. A new AVC contract can be taken out once the transfer has been completed. Anyone who is not a current member of the scheme but still holds an AVC fund can also transfer anytime up to age 75.

If a member wishes to transfer their AVC fund value, they should make a request to Lothian Pension Fund in writing providing details of the receiving scheme. Members aged 55 or over can take UFPLS (i.e. taking 25% of the AVC value tax free and the rest taxable). For information about UFPLS please ask the member to contact their relevant AVC provider. You should note however that a member has the option to take all their AVC fund value tax free at retirement along with their main scheme benefits.

Members can change their AVC investment choices with their chosen AVC provider at any time. Members have access to their AVC accounts via the provider’s website’s. It is also possible to transfer funds from one provider to another. You can find more information on AVC’s on the current members page of our website under “Pay extra for your pension”.