Anyone else got a stakeholder pension with Norwich Union (now Aviva)?

beaujolais-nouveau

Had a letter from Aviva this week saying that they are going to transfer all the policies of

Commercial Union Life Assurance Company Ltd
CGNU Life Assurance Ltd
Norwich Union Life (RBS) Ltd

into one existing Aviva company, Aviva Life & Pensions UK Ltd.

Now I am not happy about this. A year or two ago, I might not have cared but the events of the last 12 months or so make me think: all those pensions transferred into one big pension pot just make it a larger and more attractive target for a raid on the pension fund. It's not as if that has never happened before.

I'd rather take out all the money so far paid into my stakeholder pension and invest it in something else. Can I do that - there's a special word for that, isn't there, which I can't remember - is it "called up"?

jem16

beaujolais-nouveau wrote: »

Had a letter from Aviva this week saying that they are going to transfer all the policies of

Commercial Union Life Assurance Company Ltd
CGNU Life Assurance Ltd
Norwich Union Life (RBS) Ltd

into one existing Aviva company, Aviva Life & Pensions UK Ltd.

Now I am not happy about this. A year or two ago, I might not have cared but the events of the last 12 months or so make me think: all those pensions transferred into one big pension pot just make it a larger and more attractive target for a raid on the pension fund. It's not as if that has never happened before.

It's only a name change - they have all been part of the Aviva group for years. They have just decided to streamline the name rather than have many.

http://www.aviva.com/about-us/our-brand/the-aviva-name/background/

I'd rather take out all the money so far paid into my stakeholder pension and invest it in something else. Can I do that - there's a special word for that, isn't there, which I can't remember - is it "called up"?

Assuming you are under 50 and not ready to take your pension the only thing you can do is transfer to another pension.

beaujolais-nouveau

jem16 wrote: »

Assuming you are under 50 and not ready to take your pension the only thing you can do is transfer to another pension.

Am over 50.

beaujolais-nouveau

jem16 wrote: »

It's only a name change - they have all been part of the Aviva group for years. They have just decided to streamline the name rather than have many.

I looked at a few other news web sites, and I see that Aviva (what a non-name that is, compared with Norwich Union) has bought AmerUS.

http://www.thisismoney.co.uk/markets/article.html?in_article_id=440964&in_page_id=3

I feel very nervous about my contributions going to fund pensions in other countries and especially in America where the bank failures fall-out has not finished falling out.

This is an interesting commentary

http://www.brandlandusa.com/2008/06/27/stupid-aviva-keep-norwich-union-new-york-life-wins/

My feelings exactly.