Section 32 problems gmp and aviva

towag

agarnett wrote: »

I found your report rather interesting, as I understand from POS that there may be a "Memorandum of Understanding" (i.e. a chums carve up) which gives FOS the job of ruling on S32 complaints as opposed to POS. That particular understanding would make no sense to me since S32's are the individual shrapnel we suffer from scuttled occupational pension schemes, so reading that your S32 beef was ruled upon by POS is perhaps a breath of fresh air.

*{my italics}

Which has opened a bloody great big can of worms for all those "trustworthy" insurance and pension companies that offered S32 schemes who promised and pushed them and lost on the gamble with our money.... If they actually did??? Now if things start to go the consumers way for a change, this will hopefully start a revolution to pay out on the minimum they were contracted to do so.... If Aviva can do this... http://www.thisismoney.co.uk/money/markets/article-3514805/IN-MONEY-Aviva-chief-executive-Mark-Wilson-handed-3-1m-pay-rise.html?login#readerCommentsCommand-message-field .... They can bloody well afford to pay our meager pensions in full as contractually agreed in the first place....

Lekkguy

towag wrote: »

Well?..... It's been a week waiting for the letter to arrive....
Maybe they've run out of A4...? :cool:
Or the dedicated handler is up to his eyeballs in written complaints since Anthony Harris's POS determination?

Still no sign of my letter either.

WBCPB

agarnett wrote: »

I found your report rather interesting, as I understand from POS that there may be a "Memorandum of Understanding" (i.e. a chums carve up) which gives FOS the job of ruling on S32 complaints as opposed to POS. That particular understanding would make no sense to me since S32's are the individual shrapnel we suffer from scuttled occupational pension schemes, so reading that your S32 beef was ruled upon by POS is perhaps a breath of fresh air.

*{my italics}

Are you able to link to this info please?

Regards

towag

Lekkguy wrote: »

Still no sign of my letter either.

Got mine yesterday... The letter you last received will give the free phone number to ring.... Mark has been away on a course, hence the delay!!... I am now dealing with my complaints via email as its faster... Pension backdated to 60, but now waiting to see if I get the interest they should have paid at 8% per annum as the FOS stipulate...
http://www.financial-ombudsman.org.uk/faq/businesses/answers/redress_a4.html

Now on phase 2 to see if Aviva will still renege on the EPR....

Pint? ......:D

waterstar

towag wrote: »

Pension backdated to 60, but now waiting to see if I get the interest they should have paid at 8% per annum as the FOS stipulate

Now on phase 2 to see if Aviva will still renege on the EPR....

Pint? ......:D

Well done in persevering! :beer:

Are you getting 100% from age 60 of your "Guaranteed Minimum Pension" rather than what Lekkguy appeared to be offered in his telephone conversation which appeared to be an amount that would grow at 8.5% per annum from age 62 to 65 to equal the "Guaranteed Minimum Pension" at age 65?

towag

waterstar wrote: »

Well done in persevering! :beer:

Are you getting 100% from age 60 of your "Guaranteed Minimum Pension" rather than what Lekkguy appeared to be offered in his telephone conversation which appeared to be an amount that would grow at 8.5% per annum from age 62 to 65 to equal the "Guaranteed Minimum Pension" at age 65?

What they have offered Leckkie is correct, but he will have no back pension or interest to be paid on that as they are paying from his 62nd in line with his contract, but no EPR...
The way it works for my policy is 8.5% compound from 1987 - 2018 at SPA 65... Which I would imagine is the same as Leckkies....
From SPA the GMP for the rest of my natural at 5% compound per annum.. IF Aviva relent and do the right thing as per the original NU S32 policy...
"She who must be obeyed" gets half, if I expire before her.... And she would certainly deserve it after putting up with me since 1980.... So IT IS important to us, even if it isn't to Aviva....

waterstar

Separating out the payments made between 60 and 65 and those to be made afterwards

towag wrote: »

The way it works for my policy is 8.5% compound from 1987 - 2018 at SPA 65... Which I would imagine is the same as Leckkies....
From SPA the GMP for the rest of my natural at 5% compound per annum..

Does that mean that, taking as a hypothetical example, say GMP at age 65 is £7000, the payments that Aviva are offering are

at age 60:: £4655
61:: £5051
62:: £5480
63:: £5946
64:: £6452
65:: £7000

ie effectively escalating each year between your 60th and 65th birthdays at 8.5%.

Is that effectively what Mr Harris was awarded in para 97 of the POS's determination?

" Within 21 days of this determination, Aviva are to secure an annuity, backdated Mr Harris’ 60th birthday, equal to the GMP calculated from time to time in accordance with the Policy definition and including a contingent 50% widow’s pension, if relevant. "

https://www.pensions-ombudsman.org.uk/wp-content/uploads/PO-2269.pdf

towag

waterstar wrote: »

Separating out the payments made between 60 and 65 and those to be made afterwards



Does that mean that, taking as a hypothetical example, say GMP at age 65 is £7000, the payments that Aviva are offering are

at age 60:: £4655
61:: £5051
62:: £5480
63:: £5946
64:: £6452
65:: £7000

ie effectively escalating each year between your 60th and 65th birthdays at 8.5%.

Is that effectively what Mr Harris was awarded in para 97 of the POS's determination?

" Within 21 days of this determination, Aviva are to secure an annuity, backdated Mr Harris’ 60th birthday, equal to the GMP calculated from time to time in accordance with the Policy definition and including a contingent 50% widow’s pension, if relevant. "

https://www.pensions-ombudsman.org.uk/wp-content/uploads/PO-2269.pdf

Your hypothetical assumption is right

You would do better to ask Tony Harris that, but if that is what it said (as there is a lot to read which I did) then that would be what Tony Harris got.....

Minus any income tax that Aviva would have deducted at source at 20%

Lekkguy

Yes,if and when I get my Aviva pension that will take me over my £11000 personal allowance and will have to pay 20% tax.

towag

Lekkguy wrote: »

Yes,if and when I get my Aviva pension that will take me over my £11000 personal allowance and will have to pay 20% tax.

Aviva will take it at source before you even get your cheque from them... Unless you write to HMRC and claim it back.... IF you can?
Lekkie, have you inquired about your EPR? If your policy has no reference to, or anything suggesting that the state pays your EPR, or even anything more than 3% for pre & post '88
contracted out pensions that you transferred from by Aviva's interpretation...
https://www.aviva-for-advisers.co.uk/adviser/site/public/tech-centre/tech-article-detail/section-32-arrangements-gmps-and-transferring

It maybe that the original wording of your NU policy will have to be adhered to. Any legislation that occurred after your policy was agreed will not count as far as I'm aware... Read Anthony Harris's determination from the POS...
https://www.pensions-ombudsman.org.uk/wp-content/uploads/PO-2269.pdf