Section 32 bond!!

Seabee42

Will the current provider allow the transfer? Is my point.

BobTheBuilder1

Seabee42 wrote: »

Will the current provider allow the transfer? Is my point.

Do you know of any reason a provider might refuse to allow the transfer of a section 32 policy into a IVPP?
Thanks for your input.

xylophone

http://www.mgmadviser.com/wp-content/uploads/2013/12/25-063-11-13-OMO-vs-IVPP.pdf

This might be worth a look for information/examples?

Have you approached an IFA for advice?

BobTheBuilder1

I had already looked at that MGM Advantage document, very informative, but did not address the possibility of the provider not allowing a transfer for any reason.
Have not approached a IFA yet as still abroad, but expect to be back in UK shortly.

saxav88

I also have a S32 transfer pension. I have just been informed by Aviva that I will not be able to receive my pension at age 60 as stated in my contract but will need to wait till I'm 65 as there aren't enough funds to provide the GMP.


I have read the contract till I an blue in the face and there is nothing, absolutely NOTHING !! that even hints at the possibility of not receiving my pension at 60 as stated in the contract.


It is important to realise that I'm not disputing the fact of it, like it or not, not enough funds at 60 for the GMP = no pension at 60.


My point is had there been the slightest hint in the contract that I may not get a pension at 60 I would never of transferred out of the original scheme in the first place. It is and always has been my intention to have a pension at 60.


Is it possible to challenge the contract itself on the basis that vital information was left out of the contract-misrepresentation by omission ? -that had it been present would have caused me to not enter the contract and therefor render the contract invalid ?


The advice of any Legal Eagles would be greatly appreciated.

dunstonh

I have read the contract till I an blue in the face and there is nothing, absolutely NOTHING !! that even hints at the possibility of not receiving my pension at 60 as stated in the contract.

How about the GMP? Originally, GMP becomes payable at the state pension age.

Is it possible to challenge the contract itself on the basis that vital information was left out of the contract-misrepresentation by omission ?

You are entitled to complain. They can look at your complaint and see if you have a case. I have seen a success on that basis. However, there are more failures as rules regarding GMP is not something the providers themselves set.

Here is a similar one that went to the FOS: http://www.ombudsman-decisions.org.uk/viewPDF.aspx?FileID=33024

And here is another one that actually closer to your views
http://www.ombudsman-decisions.org.uk/viewPDF.aspx?FileID=5593

And here is the one they upheld. However, it only paid £300 for inconvenience. http://www.ombudsman-decisions.org.uk/viewPDF.aspx?FileID=15890

BobTheBuilder1

Quick update to this thread:
Contacted a very good IFA who did all the groundwork of contacting NPI on my behalf,after a couple of months and a lot of chasing by his paraplanner i received my 25% tax free lump sum and a annuity from Aviva [ they were offering the best rates].Apparently the reason it took so long is because NPI are not open to new business so they like to hang on to any funds as long as possible,this is from a DWP working paper on pension transfers:
"They are making hefty charges on that money as long as it stays with them. So if they can hang onto it for another three or four months then all well and good in their book".
So all turned out well in the end,i have specific health problems and might not even be around in 5 years time at my state pension age,so transferring out was without doubt the way for me to proceed,thanks to all the thread contributors.
Regards