Aegon - GMP Problems

Narfie

I have a section 32 buyout policy with Aegon (formerly Scottish Equitable) with a GMP based on a 8.5% revaluation rate

Aegon now state that the revaluation rate shoud be 5% however they also state that they were notified of this in 2002 but failed to inform me

I understand that Aegon were fined by teh FSA in 2010 for issues including the miscalculation of 774 GMPs and subsequenlty checked and corrected their data (but failed to inform me)

Has anyone else suffered/encountered the same situation from them

xylophone

https://forums.moneysavingexpert.com/discussion/5101466

The above holds the background to this.

Aegon now state that the revaluation rate shoud be 5% however they also state that they were notified of this in 2002 but failed to inform me

What reason do they give for the rate's being 5%?

Are they saying that your deferred pension with the ceding scheme was being revalued by Limited Rate?

Even if it were, 5% was not a flat rate- it was based on the increase in National Average Earnings Index each year, limited to 5% per annum.

http://www.pruadviser.co.uk/content/nav/about/26674/pghome/49880/53732/53816/53822/53825/

Have you referred again to PAS?

In the end, you might have to refer the matter to the Pensions Ombudsman?