Fixed Term annuity from AVC's
Discussion
HI,
To supplement my final salary pension, I am thinking of using my AVC's to bridge my income between early retirement, aged 60 and normal retirement age 67.
Assumptionis that there will still be a State pension at 67.
Value of my AVC's are ballpark 70K and I'd like to take 25% cash from it before buying an annuity so approx £58K to purchase an annuity with.
Not a great deal but could I buy a 7 year annuity or is it more sensible to just put the pot in the bank and draw down as required, obviously with the tax hit.
Thanks folks, as always I look forward to some good advice from here!
Paul
To supplement my final salary pension, I am thinking of using my AVC's to bridge my income between early retirement, aged 60 and normal retirement age 67.
Assumptionis that there will still be a State pension at 67.
Value of my AVC's are ballpark 70K and I'd like to take 25% cash from it before buying an annuity so approx £58K to purchase an annuity with.
Not a great deal but could I buy a 7 year annuity or is it more sensible to just put the pot in the bank and draw down as required, obviously with the tax hit.
Thanks folks, as always I look forward to some good advice from here!
Paul
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