Aviva vs standard life

Raggie

Hi,

Bit of an open question.

I've just been told my employer will only make future contribuitions into a standard life pension scheme.

Currently they pay into my aviva pension.

Questions:

Should I resist this change?

And

Does anyone have and views about standard life, their performance
Charges, service in comparison to aviva?

Thanks

dunstonh

Should I resist this change?

if its worse then yes. If its not then no.

Does anyone have and views about standard life, their performance
Charges, service in comparison to aviva?

Depends on the terms of the contract they are offering via the employer. There is no one version in this respect. So, you cant compare them in the way you want without you supplying the facts relevant to your schemes. Performance has nothing to do with the pension or provider. It has to do with the investments within them.

Raggie

Thanks.

At the moment I have a one page document telling me that "they" have decided this is the chosen provider, and if I am to continue with the company paying into my pension then I must change to this provider. They have given no detail on the scheeme/terms and conditions etc.

Makes me wonder if this constitutes financial advice(?)

I do have the option not to and that they will withdraw this benefit. So I kinda feel they have me over a barrel.

dunstonh

Makes me wonder if this constitutes financial advice(?)

Have you seen a financial adviser? if no then its not advice.

So I kinda feel they have me over a barrel.

A company can offer whatever pension they want and you have virtually no say in it. However, if you know the new one is worse (which you dont at this point) then you could stir up other employees to create a group of discontent. In reality, the company has little to benefit from changing companies apart from administration.

Have they used any terminoligy at all in explaining the pensions. Such as moving from a GPPP to a COMP/CIMP? (group personal pension plan to contracted out/in money purchase scheme)

Raggie

Thanks again dunstonh.

Previously the company would pay into a pension of the employees "choice" they retained the services of an independent financial advicer who would visit the employees and well... Advice..... Once a pension was set up the company would pay into that pension in line with it's contribuitions guidelines.

The company has now simply stated that the only company they will pay contributions to is standard life....
But we are free to continue with our current pensions. But they will no longer pay into it.

They have given no futher information at this time.

Rich1976

Does anyone have and views about standard life, their performance
Charges, service in comparison to aviva?

Thanks[/QUOTE]

I can only comment on my own personal experience but having had a pension in the past with Aviva ( then Norwich Union ) and currently paying into a Standard Life one I definitely prefer Standard Life for Service and would never use Aviva for any financial product ever again. SL are always quick to respond to queries and I have never had any gripes about the pension or any aspect of their service since I started last year.

Aviva on the other hand always use to take forever to respond to queries, put you through to Indian call centres and when ever I have used them for anything else come across as a badly run and orgnaised company.

As I said only my opinion but out of the two SL is the one I would use every time.