Flexible ways to take your money
You have a number of options to choose from when you decide to take money from your AVC pot, which you can currently do from age 55 (57 from 6 April 2028, unless you have a protected pension age), or possibly earlier if you’re in ill health. These options give you greater choice and control over how and when you retire.
With some of the options, you need to transfer the value of your AVC pot to one or more pension plans outside the LGPS.
Other options are available directly from your AVC pot. They are subject to your LGPS rules, so you may have to take your main LGPS benefits at the same time.
Important information
- The tax you pay will depend on your circumstances. Rules can also change.
- Where you take benefits directly from your AVC pot, the options available to you are determined by LGPS scheme rules. You may need to draw your main LGPS benefits at the same time in order to access them.
- There are specific rules which apply to flexible retirement. Your scheme administrator can tell you whether/how you can take your AVC benefits if you flexibly retire.
- Although pension rules may change in the future, your LGPS administrator will write to you with the options available to you as you approach retirement.
- You must take your AVC benefits or transfer to another pension arrangement by age 75. You can normally transfer your AVC pot to one or more pension arrangements at any time, as long as you've stopped your contributions.
- Whatever you decide to do, you should shop around and find what’s best for you. You don’t have to stay with us. Different providers offer different products, some of which may be more appropriate for your individual needs and circumstances.
- If you are thinking of transferring to another plan, you should get guidance or financial advice to help you with this decision.
Pension Wise
Pension Wise is a free, impartial guidance service available to those aged 50 and over. It's offered by the Government to help you understand your options at retirement. You can find out more at moneyhelper.org.uk/pensionwise or by calling 0800 280 8880 to book a phone or face-to-face appointment. We recommend that you use this service to help you understand your options
More information
Flexible contributions
Change your contributions to suit your needs and circumstances.
Changing your investment
Check your investment choice online and switch whenever you want to.
Trusted provider partnership
Prudential is an appointed AVC provider to 72 of 99 Administering Authorities within the LGPS.
"Prudential" is a trading name of Prudential Distribution Limited. Prudential Distribution Limited is registered in Scotland. Registered Office at 5 Central Way, Kildean Business Park, Stirling, FK8 1FT. Registered number SC212640. Authorised and regulated by the Financial Conduct Authority. Prudential Distribution Limited is part of the same corporate group as the Prudential Assurance Company Limited. The Prudential Assurance Company Limited and Prudential Distribution Limited are direct/indirect subsidiaries of M&G plc, a company incorporated in the United Kingdom. These companies are not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America or Prudential plc, an international group incorporated in the United Kingdom.