Aviva pension

Archie911

Aviva have sent me details of a replacement policy from a terminated defined benefit occupational pension scheme which was bought out when the scheme wound up. There is no fund value & no annuity rates apply. Benefits are secured with Aviva on a non-profit basis and are not held within any unitised funds.
Current transfer value is £5,545.11 so I'm wondering whether I should transfer this to my current employer as I intend to retire in approx. six years time at 60?
I should point out that the Aviva pension states my NRD as 65...NRD with current employer is 2020.
So transfer to current pension pot or leave with Aviva?

greenglide

So it is a defined benefit policy?

Does it state an amount of pension it will pay each month / year?

Is that amount each month / year worth more than the transfer value to you?

Archie911

Yes it is a defined benefit policy.

£489.12 a year so not very much at all hence why I wonder whether I should transfer it to my employer of 26 years?

greenglide

Is it index linked?

It seems to be approximately a 12 year payback time. You are not going to get rich either by leaving it where it is or by transferring it.

Do you have dependants? Does the Aviva pension pay dependant pension?

Archie911

Not sure if it's index linked or not to be honest. It was many years ago and my employer at the time went into liquidation. I was only in the scheme for 11 months hence why it's so small.

As my main pension is also defined benefit with 26 years of contributions, I wondered if transferring the £5,545 into it would enhance it?

Regarding dependants, I'm divorced with two grown up daughters.

xylophone

Would your scheme accept a transfer?

Can you say when you worked for the company that went into liquidation?

xylophone

I'm divorced

Was there a pension sharing order?

Archie911

Not sure if my present employer would accept a transfer at the moment but I'm attending a pension clinic with them next week so will ask the question...assuming it's the correct thing to do?

The company I worked for went into liquidation back in 1980.

I'm not sure I know what pension sharing is to be perfectly honest but if you mean my ex wife, she's long since remarried.

xylophone

Was there a pension sharing order?

When the financial settlement was made at the time of your divorce, was your wife given a share of your pension?

The company I worked for went into liquidation back in 1980.

Will Aviva permit a transfer out to your company pension scheme or to a personal pension?

If a transfer to a PP were allowed, then when you are 55 you might be able to access the benefits to help with whatever you were planning to do with a lump sum?

https://forums.moneysavingexpert.com/discussion/comment/67846216#Comment_67846216

Archie911

No, my wife was not given a share of any pension.

I'm not sure if Aviva will allow a transfer either to my company pension scheme or a private pension as I've not yet contacted them. As I don't have a private pension, just my company one, do you recommend I get one?

Thank you very much for your advice/help...much needed as I'm quite ignorant regarding pensions so appreciate your responses very much.

xylophone

If you were able to transfer out you would need a pension to which to transfer.

You would check before transferring whether the new scheme would allow the flexibility you wanted regarding accessing benefits.

In this respect things should be clearer after April 6.

Perhaps first check the situation with Aviva.