Here in the UK you can retire at time you choose. The only problem is financing your retirement. I planned carefully and retired at 54. You can do it to.
Useful video! Despite being in NILGOSC with an LGPS pension, my employer was unaware if they could support Shared Costs AVCs, but confirmed they did support 'standard' AVCs. I am currently paying into a 'standard' AVC but I am not getting ANY tax relief on my contributions to it. If I am contributing to a non-shared cost AVC, do I have to go through a process of claiming back the tax relief myself? Thanks.
Hi Jeff, Standard AVCs are taken as gross deductions from pay before income tax. If you are a tax payer you will automatically get tax relief at source through your payslip. There is no need to claim the tax relief back yourself. Thanks
@@mymoneymattersuk Thank you so much for responding, I messaged the Pru at the end of last week and they also confirmed that the tax relief should've been automatic, and done through payroll. Will hopefully get this sorted soon: if I'm given the option, I'll top up the 'missing' amount back into the AVC. Just a pity that they don't also do the additional NI saving too that many others apparently enjoy!
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Here in the UK you can retire at time you choose. The only problem is financing your retirement. I planned carefully and retired at 54. You can do it to.
Useful video! Despite being in NILGOSC with an LGPS pension, my employer was unaware if they could support Shared Costs AVCs, but confirmed they did support 'standard' AVCs. I am currently paying into a 'standard' AVC but I am not getting ANY tax relief on my contributions to it. If I am contributing to a non-shared cost AVC, do I have to go through a process of claiming back the tax relief myself? Thanks.
Hi Jeff, Standard AVCs are taken as gross deductions from pay before income tax. If you are a tax payer you will automatically get tax relief at source through your payslip. There is no need to claim the tax relief back yourself.
Thanks
@@mymoneymattersuk Thank you so much for responding, I messaged the Pru at the end of last week and they also confirmed that the tax relief should've been automatic, and done through payroll. Will hopefully get this sorted soon: if I'm given the option, I'll top up the 'missing' amount back into the AVC. Just a pity that they don't also do the additional NI saving too that many others apparently enjoy!