Section 32 problems gmp and aviva
Comments
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Yes, that's right 8.5% up to my 65' but there was no mention of the EPR being binned.As I say will wait for the letter from Aviva first.0
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Yes, that's right 8.5% up to my 65' but there was no mention of the EPR being binned.As I say will wait for the letter from Aviva first.
Well?..... It's been a week waiting for the letter to arrive....
Maybe they've run out of A4...?
:cool:
Or the dedicated handler is up to his eyeballs in written complaints since Anthony Harris's POS determination?0 -
They 'generate' a letter which goes on the end of a massive queue,can easily take 10 days or so before it even goes out for delivery.0
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Have just spoken to Mark at Aviva who I spoke to yesterday.Yes,there will be no EPR from Age 65,but that is down to new tax rules which came into effect on the 6' April?.Also said when the full GMP Sarts at 65 there will be no yearly increase to compensate for inflation!.
Will definitely wait for the letter to come through and see what it says.0 -
Have just spoken to Mark at Aviva who I spoke to yesterday.Yes,there will be no EPR from Age 65,but that is down to new tax rules which came into effect on the 6' April?.Also said when the full GMP Sarts at 65 there will be no yearly increase to compensate for inflation!.
Will definitely wait for the letter to come through and see what it says.
Did a google search, most likely this below which has no indication of how that will affect an EPR from the NU S32 annual pensions...
"The date itself may be the same as ever, but this doesn’t mean the new tax year will be devoid of new developments. Some important new rules come into effect on 6 April 2016, and Aviva is updating its relevant products to reflect what’s changing"
http://www.aviva.co.uk/retirement/news-views/report/a-quick-guide-to-new-tax-rules-with-effect-from-6-april-2016/
Whats their excuse this time ....?
BTW you owe me a pint!!
Have a read of my post above, if you haven't already http://forums.moneysavingexpert.com/showthread.php?p=70543043&posted=1#66 I assume you know that your contracted out pension will mean a reduced state pension?0 -
You say Aviva are refusing to pay the EPR, Aviva are saying 'Honest Guv its nothing to with us in the first place'.I am totally confused now!.0
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Even had you stayed in your employer's scheme, once you had reached GMP age, there would have been no obligation to index link your pre 88 GMP nor your post 88 GMP above 3%.
The expectation had been that the pre 88 GMP/over 3% post 88 GMP index linking would be through the State Pension.
However, where a GMP had been revalued using Fixed rate, it often turned out to be the case that the GMP was much higher than the amount that would have been earned as Additional Pension through SERPS, so that for a number of years, no such index linking would take place.
Under the new state pension, the mechanism for index linking the GMP as above has gone.
This means that those who have an occupational scheme and GMP (even those not affected by the Fixed Rate scenario)will not receive index linking on pre 88 GMP from the government or through the scheme or anything above 3% on post 88 GMP, (unless the occupational scheme takes over the obligation).
Have you applied for a new state pension forecast?
https://www.gov.uk/government/publications/application-for-a-state-pension-statement0 -
Thats what Mark from Aviva more or less said,my state pension forecast is £149-98.0
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You say Aviva are refusing to pay the EPR, Aviva are saying 'Honest Guv its nothing to with us in the first place'.I am totally confused now!.
Like the way they refused to pay out from the benefit dates and were found wrong?
In the policy if it says "shall" or "will" in any Illustration or quote you received, then I would say that is what it means....
Why are you confused?
BTW you still owe me a pint...0 -
Even had you stayed in your employer's scheme, once you had reached GMP age, there would have been no obligation to index link your pre 88 GMP nor your post 88 GMP above 3%.
The expectation had been that the pre 88 GMP/over 3% post 88 GMP index linking would be through the State Pension.
However, where a GMP had been revalued using Fixed rate, it often turned out to be the case that the GMP was much higher than the amount that would have been earned as Additional Pension through SERPS, so that for a number of years, no such index linking would take place.
Under the new state pension, the mechanism for index linking the GMP as above has gone.
This means that those who have an occupational scheme and GMP (even those not affected by the Fixed Rate scenario)will not receive index linking on pre 88 GMP from the government or through the scheme or anything above 3% on post 88 GMP, (unless the occupational scheme takes over the obligation).
Have you applied for a new state pension forecast?
https://www.gov.uk/government/publications/application-for-a-state-pension-statement
So in that respect Aviva are liable for the 3% EPR in Lekky's case and anything above that is supposed to be paid by the Government...? We already know that the SP will be reduced if you were contracted out regardless of how much the SP goes up each year from April 2016, yet that still doesn't account for the "hit" that those contracted out will take both in the non payment of the EPR and their reduced SP... That cannot be fair...0
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