More about AVCs Here are the ways of drawing your AVCs as a pension... Buying an annuity from an insurance company This is where an insurance company takes the value of the AVC and pays you a pension in return.

You can buy this type of annuity from Prudential, or another insurance company of your choice. Prudential will automatically provide you with a quote with various options, and this will stand for a limited time, allowing you to shop around if you wish. Remember annuity rates do vary, and can literally change each day.

Buying an annuity from Greater Manchester Pension Fund
If you choose this option, you get a pension from us which will automatically go up each year in line with inflation. You also choose whether or not you want to build in pensions for dependants, in the event of your death.

Turning your AVC into membership in the Fund
This is only open to you if you signed up for your Prudential AVCs before 13 November 2001. You can choose this option anytime from 50 before you retire, or even before then if you retire early on the grounds of ill health. If you turn your AVC into membership, it will not count towards your lump sum, but will count towards:

A pension for you and any dependent children.
Pensions for your husband or wife (as long as you marry them before you retire) or your civil partner.
The age you pass the 85 test (if this applies to you).
How much extra pension you get if retiring on ill health. This could mean you getting a worse or better enhancement than if you hadn't turned your AVC into membership.

Please note: if you have already turned your AVC into membership then retire early at your own choice, this may reduce the amount of membership it bought you.

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