Norwich Union Transfer Plan 32

Retep99

I have a Norwich Union Transfer Plan 32 with date of leaving service as 6/2/1981, Currency date as 2/6/1987 and Benefit date as 18/9/2011.

There has been no regular bonus for the past 10 years.

I have been provided with values for my guaranteed minimum pension and non guaranteed with a view to my buying an annuity.

In my policy there are section regarding Maximum Pension, Guaranteed Minimum Pension but I don't really understand the meanings.

How can I be sure that the fund value offered is above the Guaranteed Minimum?

Any advice would be appreciated

CannySaver_2

Hi

I'll try and help, although my knowledge here is a little sketchy so other people may wish to add or alter my post.

You will have been offered an annual / monthly income from Norwich Union (now AVIVA), the question is will they offer you a lump sum to transfer into an Annuity of your choosing, this is generally called an Open Market Option.

I seem to recall that if you transfer GMP it has to go to the new provider as protected rights, so I would simply do a quick quote on a pension annuity calculator such as the one shown in the link to see if you can get a better income by moving it to another annuity provider than you can from the GMP offered by Aviva.

You might also want to consult an IFA for advice, get a recommendation from friends / family or use www.unbiased.co.uk

Hope that helps.

The Canny Saver

atush

AVIVA seems to be topping the annuity tables lately so not sure you can better it- but always wise to check.

CannySaver_2

atush wrote: »

AVIVA seems to be topping the annuity tables lately so not sure you can better it- but always wise to check.

Agreed, but if the Annuity rate from Aviva is better than they are offering on the GMP it would still involve going from an Aviva Section 32 to an Aviva Annuity.

Also worth the OP checking whether they qualify for an Enhanced Annuity, this opens up the range of providers considerably.

Finally, also worth considering whether using the GMP or indeed an Annuity is the best retirement option, there are at least 10 to consider, too many people are blinkered into just buying an Annuity.

The Canny Saver

Retep99

Thanks for your various advice.