Your options

The options available on a GAVC plan are subject to the main scheme rules and the scheme trustees' discretion. The options outlined here are a guide and are not applicable to all schemes.

• A member will be able to take their Legal & General GAVC pension at any time between age 50 and 75 (rising to 55 on 6 April 2010) with the permission of the scheme trustees. It's important to note that the scheme trustees set the normal retirement age of the scheme.
• Depending on the scheme rules, it may be possible to take part or all of the pension arising from the GAVC as a cash lump sum.
• Minimum contributions to a GAVC can be as low as £20 a month.
• A member cannot cash in their GAVC plan and if they leave to join a new employer they must stop paying into the scheme. However, they can transfer the value of their GAVC into another scheme.
   
Before an employee contributes to a GAVC, they might want to consider contributing to a Stakeholder or Personal Pension Plan. For more information on these, speak to a financial adviser.