AVCs can come to the rescue - but at a price

Accessing additional voluntary contributions in pension funds can be advantageous in certain circumstances, writes Liam D Ferguson.

24th February, 2013
A potential windfall -- but any AVCs to be accessed early must be clearly identified as such. Photo: Getty

The Finance Bill, which was published on February 13, implemented December's budget measures - and added a few new ones for good measure. One of the measures was a scheme allowing early access to 30 per cent of pension funds accumulated by additional voluntary contributions (AVCs) before retirement age.

Early access is allowed only to funds accumulated by AVCs. Controversially, the scheme excludes self-employed sole traders and unlimited partnerships, who can only contribute to personal pensions or...

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