You may choose to defer crystallising your AVC fund benefits (provided they crystallised by the time you reach age 75). You will need to contact the scheme administrators when you wish benefits to commence.
If you wish to take advantage of the State Scheme Spreading Option (SSSO), which provides for a temporary annuity payable until State Pension Age the maximum age of deferment would be one year prior to reaching State Pension Age. The SSSO allows you to use part or all of your fund under the Group AVC arrangement to buy a temporary pension equal to the value of 125% of the single person’s State basic pension or such lesser amount as your AVC fund will secure. Once purchased the rate of the temporary pension remains unchanged whilst in payment
For more details about deferment click here
© UK Atomic Energy Authority 2013. Disclaimer