UKAEA Pensions

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Options on leaving the Additional Voluntary Contributions Scheme

What if I transfer my United Kingdom Atomic Energy Authority final salary scheme benefit to a new pension arrangement?

If you resign before retirement age and you transfer your United Kingdom Atomic Energy Authority final salary scheme pension benefit to a different pension arrangement, your AVC Scheme fund will also be transferred to that arrangement. You can, however, chose to transfer your AVC fund without moving your benefits under the CPS, provided that the transfer is to another registered scheme or to an insurer by a transfer which is recognised as permissible by the Finance Act 2004.

What if I have a preserved award in the United Kingdom Atomic Energy Authority final salary scheme?

If your United Kingdom Atomic Energy Authority final salary scheme pension benefit is preserved then your AVC Scheme fund will remain invested in the United Kingdom Atomic Energy Authority Group AVC Scheme and paid when you reach your scheme retirement age.  You can however choose to receive benefits from the AVC fund before your UKAEA defined benefit Scheme (provided you are over age 55) or you can defer payment of benefits from the AVC fund beyond taking the UKAEA defined benefit scheme pension. The details regarding deferment are shown below. You can also chose to transfer your AVC fund without moving your benefits under the CPS, provided that the transfer is to another registered scheme or to an insurer by a transfer which is recognised as permissible by the Finance Act 2004.

What if I retire early?

If you are a member of the Group Additional Voluntary Contribution Scheme with the Prudential and you retire on premature retirement grounds normally an annuity may be purchased with the AVC Scheme fund provided you are over age 55.

Since 2015 you no longer have to purchase an annuity with your AVC fund and can choose a range of options including taking the fund as cash or an annuity or both.  You should request details ofthe options available to you at the time you wish to crystallise your AVC fund benefits.