Hi, am in a job with a relatively decent DB scheme, and am only 25 so have the prospect of the full 2/3 salary on retirement if I stayed there (depressing thought frankly).
At the moment I'm making the maximum AVC contribution. If I leave before retirement, obviously it may be to a job without such a good scheme, and my contributions may come in handy. But let's imagine I don't?
The maximum pension receivable, if I understand the rules correctly, is 2/3 final salary plus a 20% lump sum. So if my AVCs bought me more than this, I couldn't access it? If your pension is funded higher than this level, are you effectively just giving your contributions away?
At the moment I'm making the maximum AVC contribution. If I leave before retirement, obviously it may be to a job without such a good scheme, and my contributions may come in handy. But let's imagine I don't?
The maximum pension receivable, if I understand the rules correctly, is 2/3 final salary plus a 20% lump sum. So if my AVCs bought me more than this, I couldn't access it? If your pension is funded higher than this level, are you effectively just giving your contributions away?