Noi got a letter last week stating that due to IORP II my employer has agreed to move my AVC to a new trust next month and my previous plan will be wound up. I don't need to do anything as the transfer will happen automatically but if i wish to make any observations to email them.
i emailed them enquiring as to my options if i do not wish for my plan to automatically transfer over and i got a reply saying "Any queries you may have regarding your AVC policy should be directed to your financial advisor who can discuss options available to you in relation to accessing your benefits."
they didn't answer the question i asked about not transferring over.
i don't have a financial advisor so was just wondering if anyone on here knows if i am within my rights to cash in my AVC plan seeing as the terms and conditions are being changed?
under my existing plan i can stop paying at any time but cannot access my funds until retirement but does this change things?
I'm not sure what AVC scheme means here
i thought (maybe innocently) that it is like when you're in a contract with a phone company for example and they change their terms and conditions so you can get out of the contact early without any penalty.
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