Aviva Section 32 Pension, Retirement age 62, but won't payout until age 65

Saver0811

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dunstonh

I have an Aviva Section 32 Pension, Retirement age 62, but won't payout until age 65, Guaranteed Minimum Pension.

That is quite common with section 32 buy out bonds where there is a GMP.

And at age 65, no-one else will touch it as it is a GMP !

It is easy to transfer it elsewhere. You will just lose the GMP and any GAR that may exist with it as well.

What are my options ?

Leave it where it is or transfer it.

Why cannot I get my pension at age 62, as originally specified, or so I thought ?

You can. Just not on a section 32 buy out bond. That plan has a GMP and the fund is not high enough to meet the GMP. So, they can delay it until 65 when it stands more chance of hitting target (although most do not). Aviva would have to pay any shortfall to make up the GMP.

Also informed I cannot take 25% cash, nor go for an upgraded impaired medical pension !

Yes you can. Just not on the S32 buy out bond.

[Deleted User]

Saver0811 wrote: »

I have an Aviva Section 32 Pension, Retirement age 62, but won't payout until age 65, Guaranteed Minimum Pension.

I have received a letter 6 months before age 62, phoning up to confirm details, I am told that even though the pension retirement date is age 62, I cannot get any money until age 65 !

Apparently at age 62, the fund goes into another holding account.

It has a Guaranteed Minimum Pension, which mean I cannot transfer the full amount, transfer value is around 60% of GMP at age 62.

And at age 65, no-one else will touch it as it is a GMP !

They will write again 10 weeks before age 62.
What are my options ?

Why cannot I get my pension at age 62, as originally specified, or so I thought ?


Also informed I cannot take 25% cash, nor go for an upgraded impaired medical pension !


Any help appreciated, thanks.

I will take financial advice nearer the age of 62.

Hi Saver0811,

I'd like to help clear up any questions you have about your Pension.

Can you please email me the following detials to [EMAIL="social@aviva.co.uk"]social@aviva.co.uk[/EMAIL]:

• Your full name
• Date of birth
• Address including postcode
• Pension reference number
• Your MSE username
• Any questions you have relating to your Pension

As soon as I have the details I'll have this looked into for you.

Many thanks,

Martin Banwell
Aviva UK Social Media Support

dunstonh

I will contact Aviva and yourself directly, nearer the time.

As much as Martin from Aviva means well, they will not be as much as as someone with the required permissions and authorisations. They will only tell you what their product does and what they have available. I don't know if they have an active in-house sales force at this time covering this area but even if they did, the advice is always to avoid in house sales forces.