What options do I have with Aviva pension

chescadanielle

Morning All,

I worked at Aviva for two years when I was 19 years old and then moved into my current role in the civil service (I am now 32).

Every year I get a pension statement from Aviva and there is about £4500 in the plan which will equate to around £21 a month when I get to retirement age.

Can I cash this out? Is it worth it? After about 5 years service at the civil service I enquired about transferring this pension into my civil service one but I was told that you could only do that within the first two years of leaving Aviva.

Or shall I just leave it?

Any advice is appreciated.

Thanks

[Deleted User]

In case you did not see this... This is what I have just done. Cheers


https://forums.moneysavingexpert.com/discussion/5194915

greenglide

Since you were an employee of Aviva was this a Defined Benefit (final salary) pension?

Clearly with only two years service you will never get rich on this but inflation linking on a DB pension should hold its value.

We do need to know?

chescadanielle

I will have to check on the sort of pension it is, all the paperwork is at home.
We are moving onto a new pension scheme at work so I am trying to learn all the lingo and get myself clued up!

xylophone

At 32 you can't cash it out.

You say that you worked for Aviva in around 2000-2002 so it would appear that you were a member of the Defined Benefit Pension Scheme?

http://www.theguardian.com/money/2010/apr/20/aviva-shut-final-salary-pension-scheme

This would mean that you have a deferred DB pension which will revalue in deferment and is almost certainly best left alone.