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    • ProDave
    • By ProDave 19th Jun 17, 9:54 AM
    • 270Posts
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    ProDave
    Aviva takeover of freinds life. Should I do anything
    • #1
    • 19th Jun 17, 9:54 AM
    Aviva takeover of freinds life. Should I do anything 19th Jun 17 at 9:54 AM
    I have a small private pension pot with Friends life. I am intending to cash it in next March, and in preparation for that I transferred the entire fund to cash earlier this year as I don't want to see it's value fall off a cliff if the market crashes before next March.

    In March I will be looking for options to cash in all or part of it depending on my exact needs. I expect that will involve transfering the fund to another provider.

    Given it's now in cash, I don't need to worry if Aviva do a worse job of investing it than Friends Life, but is there any reason for doing anything now or just let the takeover / transfer happen?

    Should I take this as the cue to properly research cashing in or draw down options and move it to whoever offers be best arrangements for that now, so it's ready to draw on in March?
    Last edited by ProDave; 19-06-2017 at 9:57 AM.
Page 1
    • dunstonh
    • By dunstonh 19th Jun 17, 10:12 AM
    • 89,435 Posts
    • 54,896 Thanks
    dunstonh
    • #2
    • 19th Jun 17, 10:12 AM
    • #2
    • 19th Jun 17, 10:12 AM
    Aviva bought FL a few years ago. This is nothing new.

    Given it's now in cash, I don't need to worry if Aviva do a worse job of investing it than Friends Life, but is there any reason for doing anything now or just let the takeover / transfer happen?
    There is no transfer on your plan.

    Should I take this as the cue to properly research cashing in or draw down options and move it to whoever offers be best arrangements for that now, so it's ready to draw on in March?
    Nothing is going to change from your product point of view. So, this is not a cue to do anything. Your own circumstances are the only cue.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • TrickyDicky101
    • By TrickyDicky101 19th Jun 17, 10:22 AM
    • 2,688 Posts
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    TrickyDicky101
    • #3
    • 19th Jun 17, 10:22 AM
    • #3
    • 19th Jun 17, 10:22 AM
    OP are you referring to the Part VII FSMA 2000 transfer of FL schemes to Aviva termed "2017 scheme: Proposed Insurance Business Transfer"?

    If so then this shouldn't impact you in any negative way.
    • ProDave
    • By ProDave 19th Jun 17, 10:52 AM
    • 270 Posts
    • 328 Thanks
    ProDave
    • #4
    • 19th Jun 17, 10:52 AM
    • #4
    • 19th Jun 17, 10:52 AM
    I believe that's the one. I had a letter in the post about it on Saturday. It was news to me, but then I get very little communication from FL so as already pointed put, Aviva have already taken over.

    So I will just sit tight on my pot at the moment and make more decisions as I approach March next year when various options of drawing it open up to me. That may or may not involve moving it to a different provider depending who offers what.
    • Stubod
    • By Stubod 19th Jun 17, 11:05 AM
    • 391 Posts
    • 221 Thanks
    Stubod
    • #5
    • 19th Jun 17, 11:05 AM
    • #5
    • 19th Jun 17, 11:05 AM
    I also have a small FL "pot", which I have been advised will now be transferred to Aviva.

    I have no reason to have any concerns and as such I do not intend to do anything..
    • Uhohherewego
    • By Uhohherewego 19th Jun 17, 1:58 PM
    • 1 Posts
    • 0 Thanks
    Uhohherewego
    • #6
    • 19th Jun 17, 1:58 PM
    • #6
    • 19th Jun 17, 1:58 PM
    Hi

    I was wondering, my FP pension was frozen 10 years ago (moved company), with this takeover does it give me an opportunity to close the account down and cash out?

    There's only about 5k in it, and I am 41 years old.
    • worried jim
    • By worried jim 19th Jun 17, 2:06 PM
    • 8,534 Posts
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    worried jim
    • #7
    • 19th Jun 17, 2:06 PM
    • #7
    • 19th Jun 17, 2:06 PM
    Hi

    I was wondering, my FP pension was frozen 10 years ago (moved company), with this takeover does it give me an opportunity to close the account down and cash out?

    There's only about 5k in it, and I am 41 years old.
    Originally posted by Uhohherewego
    No. You could look to transfer the funds to another provider or start paying into it.
    "Only two things are infinite-the universe and human stupidity, and I'm not so sure about the universe"
    Albert Einstein
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