The new drawdown facility for those with AVCs
Members with an AVC, like BRASS or AVC Extra, have a number of options for taking their benefits.
One of these options is to get a flexible income, taking it a bit at a time. This is known as ‘drawdown’.
The BTPFSF does not offer drawdown directly. Instead the Fund’s administrator RPMI has partnered with Legal & General, to offer members access to a new, value-for-money, high-quality, drawdown facility.
Before this, members choosing a retirement option would have been exposed to the open market, where many of the products came with costly fees.
While you are still free to shop around, the Trustee identified the need to give members access to a solution that was more competitively priced. Legal & General was chosen as the preferred option for members, following a detailed selection process.
You can find more information about the ways to take your AVC benefits using the links below:
This is in line with pension freedoms introduced by the Government in 2015.
The new advice service, available to all members
Advice is important for financial wellbeing and making sure your pension works for you.
Liverpool Victoria (LV) has been chosen as the official partner to give BTPFSF members access to independent financial advice.
LV covers all areas of advice, including:
And it has a dedicated team, with specific knowledge on the Fund.
LV will be offering its services at a discounted rate for members. And can be contacted now on 0800 023 4187.
LV’s retirement advice service was carefully chosen, based on both quality and cost. However, you are still free to choose your own Independent Financial Advisor (IFA).
You can find an IFA in your area at unbiased.co.uk
More information about getting help and advice is also available here
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