Anyone know much about AVCs for pension?

[TheHumanSatsuma]

Just wondering what to do.

I am a teacher, 58 years old and have worked part time for most of my 20 year career. A a result I have just under 7.5 years pension which will be about £3.5k a year. I don't plan to retire for at least 3 years. My pension is protected and we We don't really rely on my salary for anything. I was wondering about paying the maximum in AVCs for the next few years (I work mornings only) to boost the pension, thinking that I wouldn't miss the money so much now and would benefit more from it when I retired.

Has anyone done this or has any advice?

Absolutely do this. I paid into a private AVC and should have bought additional years in my Civil Service Pension instead.
Teachers Pension are on a par with mine.
My private AVC amounted to nothing. I was ill advised.

Thank you!

I think you need to do a bit of research before discounting it and your pension provider should have some unbiased advice on their website.

With AVCs you pay into a stock market fund, so the value can of course go up and down, a bit like paying into a stock and shares ISA except you get the tax advantage. So if you retire and take your AVC when the stock markets are low , or crashed like a few years ago, it will amount to less than you put in.

I am just about to go back to paying AVC after mat leave break, but can't decide which fund to pay into. The benefit to me is that they can be taken (or at least a lot, can't quite remember) as a lump sum or if you die before taking it, the amount can be inherited, both unlike additional years.
I also think some AVCs were misold but this was years ago (there is a letter in today's The Times money section about this too).

Part of a Civil Service pension ( which is what a Teachers Pension is) can be paid to a spouse if you die.
I don't think any Private AVCs compare in value with buying additional years into an occupational pension. I think you need to enquire pretty swiftly as I am not sure, but the nearer you get to retirement age, the less they might allow you to buy.
Luckily my DH and I have Civil Service pensions. We are very well off and I am really glad that we paid into them. We both benefit from getting part of each other's pension if the other one dies, so we won't be poverty stricken.
Too many women I know of my age have no pensions in their own right and they feel really bad about it. Especially if they don't get on with their husband. They are in quite a precarious position. They certainly can't leave their miserable husbands.
Young people don't realise how important a pension is going to be as you luckily could be a long time alive. However, you might be a long time alive worrying about money.

I'm looking into buying additional years, rather than AVCs. Thank you for all the advice, much appreciated. I also have 7 years of a National Coal Board Pension, so need to find out how that is doing.