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    • NewPensionPerson
    • By NewPensionPerson 27th Aug 17, 8:59 PM
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    NewPensionPerson
    Stakeholder pension transfer into LGPS
    • #1
    • 27th Aug 17, 8:59 PM
    Stakeholder pension transfer into LGPS 27th Aug 17 at 8:59 PM
    Hi everyone,

    I have one stake holder pension from Aviva which I started in 01/08/2007 and was frozen in 01/11/2013 transfer value of this policy is £8,035.02.

    I also have another stake holder pension from Aviva which I started in 01/05/2002 which is still active and I’m paying £30 per month into this. The transfer policy value is £12,377.04.

    I’m now a low earner working 20 hours per week as an admin assistant at a school I’ve been working for four months. The pension contributions I pay are now based on my actual pensionable pay.

    From my wage slip this would appear to be £38 per month. The pension scheme is the West Yorkshire Pension Fund and I’m an active member.

    With an annual pay of less than £13,700 my contribution rate is 5.5%

    My Employer contribution quoted below:
    “Your employer pays in the balance of the cost of providing your benefits in the scheme after taking into account investment returns. Every three years, an independent actuary works out how much your employer should contribute to the scheme.
    The amount varies, but the underlying assumption at the moment is that employees contribute approximately one third of the scheme's costs and employers contribute the rest.”

    I’m certainly no expert in such pension matters, what I’d like to know is it advisable to transfer me Aviva pensions into my new LGPS Scheme.

    If you have any questions I’ll answer them the best I can.

    Kind Regards,
Page 1
    • Silvertabby
    • By Silvertabby 27th Aug 17, 9:03 PM
    • 1,510 Posts
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    Silvertabby
    • #2
    • 27th Aug 17, 9:03 PM
    • #2
    • 27th Aug 17, 9:03 PM
    You can ask to see some figures before you decide.

    Don't leave it too long - transfers in have to be done in your first 12 months of LGPS membership.
    • NewPensionPerson
    • By NewPensionPerson 28th Aug 17, 10:03 PM
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    NewPensionPerson
    • #3
    • 28th Aug 17, 10:03 PM
    • #3
    • 28th Aug 17, 10:03 PM
    Thank you for your reply, what figure's would you suggest I ask for.
    • bigadaj
    • By bigadaj 28th Aug 17, 10:37 PM
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    bigadaj
    • #4
    • 28th Aug 17, 10:37 PM
    • #4
    • 28th Aug 17, 10:37 PM
    Thank you for your reply, what figure's would you suggest I ask for.
    Originally posted by NewPensionPerson
    How much pension your transfer in will buy you and the terms for access, ie state pension age, scheme retirement age etc
    • mark5
    • By mark5 28th Aug 17, 10:42 PM
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    mark5
    • #5
    • 28th Aug 17, 10:42 PM
    • #5
    • 28th Aug 17, 10:42 PM
    Is the LGPS pension linked to state pension age?

    If it was me I would be inclined to keep the aviva pots under my own control as you will probably have access to them without penalty at a younger age.

    That's from a right to access the money as opposed to what might be the best financial situation.
    • hyubh
    • By hyubh 29th Aug 17, 12:07 AM
    • 1,884 Posts
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    hyubh
    • #6
    • 29th Aug 17, 12:07 AM
    • #6
    • 29th Aug 17, 12:07 AM
    How much pension your transfer in will buy you and the terms for access, ie state pension age, scheme retirement age etc
    Originally posted by bigadaj
    The transfer would buy extra 'CARE' pension (though not actually salary-related). Scheme normal retirement age = the member's state pension age.

    I’m certainly no expert in such pension matters, what I’d like to know is it advisable to transfer me Aviva pensions into my new LGPS Scheme.
    Originally posted by NewPensionPerson
    Just kick off the transfer process to get a quote of how much LGPS pension the DC ones would buy. You'd need to do this if you decided to pursue a transfer anyway.

    Doing a quick search of WMPF's website, I can't see transfer in forms there - might be behind the member portal (presumably you've registered?), otherwise drop them a call or send an email and ask for them (don't bother with your employer, they probably won't have the foggiest).
    • NewPensionPerson
    • By NewPensionPerson 29th Aug 17, 8:59 AM
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    NewPensionPerson
    • #7
    • 29th Aug 17, 8:59 AM
    • #7
    • 29th Aug 17, 8:59 AM
    Thank you for your replies everyone, I've now received my Transfer request form from the WYPF. Which I'll fill in and send to Aviva. I'll outlay a few key points from the form below, to see if you think they sound OK.

    "Dear pension provider i.e Aviva,

    I am thinking of transfering my pension rights with you to the local government pension scheme. Please send me the information that is asked here below.

    Transfer value ( TV)

    Limited Revaluation Premium in addition to TV

    AVC fund in addition to the TV

    The date the TV is guaranteed to
    Guaranteed Minimum Pension at the date this person left the scheme (pre 06.04.88)(post 05.04.88)

    Could the member take a refund of their contributions. If yes then Gross refundable contributions or Relevant contracted out earnings."

    "Hope my additional above information sounds OK"
    • dunstonh
    • By dunstonh 29th Aug 17, 9:07 AM
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    dunstonh
    • #8
    • 29th Aug 17, 9:07 AM
    • #8
    • 29th Aug 17, 9:07 AM
    Hope my additional above information sounds OK"
    Most of the things you have asked for do not apply to stakeholder pensions. The questions seem to be those that would be asked for defined benefit schemes. A stakeholder is a defined contribution scheme.

    You dont send the Transfer request form to Aviva. You are not transferring TO Aviva. They do not complete third party transfer forms (like virtually all providers). You ask Aviva for transfer discharge forms. When you have those, you sign them and send them to the other scheme.

    The receiving scheme will send the discharge forms to Aviva along with a selection of information that Aviva needs. Aviva will supply the scheme with the information they need and complete the transfer.
    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.
    • Silvertabby
    • By Silvertabby 29th Aug 17, 10:07 AM
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    Silvertabby
    • #9
    • 29th Aug 17, 10:07 AM
    • #9
    • 29th Aug 17, 10:07 AM
    It's LGPS procedure for the member to send the letter/form described by OP to their previous pensions provider. Aviva will then send a letter/discharge forms to the OP giving all relevant information - ie, type of fund, transfer value - but ignoring the questions which don't apply.

    OP then sends this letter to the LGPS, who will then tell him how much CARE pension in the the LGPS it will buy him.

    Note: The purchase quote will assume pensionable service to NRA. OP can take his benefits - LGPS and amount purchased from the transfer in - from age 55 onwards, but they would be reduced for early payment.
    • xylophone
    • By xylophone 29th Aug 17, 11:27 AM
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    xylophone
    https://www.lgpsmember.org/more/tvin-nonLGPS.php

    The OP has a couple of stakeholder pensions.

    Apart from the Transfer Value of the pensions, none of the questions apply in the OP's case.

    If the OP anticipates wanting to access pension benefits before Scheme Retirement Age, he might be better off considering combining the stakeholder pensions and continuing to make his modest monthly contribution to give him this flexibility.
    • NewPensionPerson
    • By NewPensionPerson 7th Sep 17, 11:19 AM
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    NewPensionPerson
    It's been 8 working days since I posted my request form for Transfer Values of my Aviva pensions. Still no reply as yet..!
    • xylophone
    • By xylophone 7th Sep 17, 11:28 AM
    • 22,866 Posts
    • 13,221 Thanks
    xylophone
    It's been 8 working days since I posted my request form for Transfer Values of my Aviva pensions. Still no reply as yet..!
    http://forums.moneysavingexpert.com/showthread.php?t=5706285

    Aviva has never been known for having a good quality telephone service and it does take 7-10 days answering paper requests. However, accessing money is one of its strong points.
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