help-what does this mean

thebull

Been doing some sorting out today and found this letter --can anyone tell me what it means and what I can do with it ,ie can I cash it in or transfer it .I will give a bit of a financial breakdown about myself after the letter ,

this is from AVIVA dated sept 2011
This is a replacment policy from a terminated defined benefit occupational pension scheme .The benefits were bought out of a scheme fund when the scheme wound up ,therefore there is no fund value and no annuity rates apply.
your guaranteed pension will be payable from your normal retirement day 5th Feb 2024
there is no fund associated with these benefits and consequently no annuity rates apply .The current transfer value to another approved pension arrangement is £9479.52 of which £4,251 is the value of post GMP.These values are for illustration purposes and are not guaranteed .
our maturities team will contact you approximately 3 month before your normal retirement date with full options available at that time .

What does it mean??
brief financial picture of myself
My wife and I both work for NHS and both in pension scheme I would like to retire at 60 if possible .
We have no mortgage and no debt .
I currently hold a prudential bond 32 policy whose current value is approx £26,000

Any advice please as to what I have from aviva and what I could do with it ?
Thank you for reading .

xylophone

terminated defined benefit occupational pension scheme

Presumably before you were with the NHS you worked for a company with a defined benefits (probably final salary) pension scheme.

It would appear that this scheme was wound up so that the trustees had to make arrangements for deferred pensioners.
http://www.pensionsadvisoryservice.org.uk/workplace-pension-schemes/final-salary-schemes/winding-up
"The trustees can and usually do buy an assurance policy or annuity from an insurance company for all the remaining scheme members. (However, for members who have not yet reached retirement they can transfer to another pension arrangement if they so wish as outlined above.) This is called a bulk buy-out. Where a scheme is insured with a particular insurer it may be possible to secure enhanced annuity terms with that insurer.

The benefits for members who have not yet retired are normally in the form of non profit deferred annuities which mean that they do not increase (beyond any statutory requirement) and become payable some time in the future (usually the scheme's normal retirement date)."

You also have a S32 with the Pru - did this arise from transfer of benefits from yet another employment?

http://www.pruadviser.co.uk/content/support/technical_centre/section_32/

[Deleted User]

thebull wrote: »

Been doing some sorting out today and found this letter --can anyone tell me what it means and what I can do with it ,ie can I cash it in or transfer it .I will give a bit of a financial breakdown about myself after the letter ,

this is from AVIVA dated sept 2011
This is a replacment policy from a terminated defined benefit occupational pension scheme .The benefits were bought out of a scheme fund when the scheme wound up ,therefore there is no fund value and no annuity rates apply.
your guaranteed pension will be payable from your normal retirement day 5th Feb 2024
there is no fund associated with these benefits and consequently no annuity rates apply .The current transfer value to another approved pension arrangement is £9479.52 of which £4,251 is the value of post GMP.These values are for illustration purposes and are not guaranteed .
our maturities team will contact you approximately 3 month before your normal retirement date with full options available at that time .

What does it mean??
brief financial picture of myself
My wife and I both work for NHS and both in pension scheme I would like to retire at 60 if possible .
We have no mortgage and no debt .
I currently hold a prudential bond 32 policy whose current value is approx £26,000

Any advice please as to what I have from aviva and what I could do with it ?
Thank you for reading .

Hi thebull,

I'm happy to investigate this for you and check what your options are.

Feel free to email me at [EMAIL="social@aviva.co.uk"]social@aviva.co.uk[/EMAIL] with the following information:

• Your MSE username
• Your full name
• Date of birth
• Postcode
• Any plan or reference number
• Your contact phone number

I look forward to hearing from you.

Kind regards,

Martin Banwell
Aviva UK Social Media Support

thebull

Many thanks xylophone and Martin for you speedy and helpful reply s .
Martin I have emailed you my details .