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‘Only way to ensure money was passed to their partners’

Ivan Massow says he advised free-standing AVCs to gay clients in the late 1980s and early 1990s because it was the only way to ensure money was passed to their partners.

He says FSAVCs had to be used as there was a risk that pension trustees would not pay out AVCs to gay partners and dependants if the policyhol-der died.

Massow says only one prov-ider paid out a lump sum to any of his gay clients’ partners and that was only because the dependent was a bedridden 90-year-old.

In contrast, FSAVCs could be manipulated to allow benefits to be passed to a gay partner.

Also, if a client became HIV positive, assets could be converted into a personal pension environment, releasing a lump sum, provided you could prove to the Inland Revenue you had less than a year to live.

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