section 226..do aviva have this correct?

sandsy

Sounds like you might benefit from contacting the Aviva representative on this board


http://forums.moneysavingexpert.com/member.php?u=196594

bobbymotors

thanks have sent a message

xylophone

http://www.hdclimited.com/downloads/pension-freedoms.pdf


Not Required – Pension Switching
A Pension Transfer Specialist is not needed for Pension Switching!!
 From a Retirement Annuity, which is frequently referred to as a RAC or RAP or even
S226 to a PP/SH/SIPP, even where that plan includes GARS.



http://www.pensionsnetwork.com/pension_transfers/annuity.html

"Retirement Annuity Contracts (RACs) - Also known as Section 226 Contracts
These were the pre-cursor to today's personal pension plan and worked in much the same way as they do today with different final retirement dates and tax free lump sums. Since A-Day and Simplification, they have been brought into line with personal pensions, providing a maximum tax free lump sum of 25% the value of the fund and retirement at age 50, 55 from 2010.

bobbymotors

Thanks xlyophone but they have outright refused...lets see what the rep has to say about this !!!! poor company that despite being among the biggest appear to be the least prepared.

dunstonh

so I rang a different Aviva number and they have said I cannot transfer it without advice, even though the law is that I don't need the advice.

It doesnt matter what the law says. Firms are allowed to choose what or how they retail as long as they do not break the law. I believe Aviva do have a small distribution arm but if they dont want to transact higher risk business without advice then they are allowed to do so.

I would be happy to transfer the fund to another provider that does not require me to take advice as Aviva are so obstructive.

Rather than trying to be buy products designed to be retailed via intermediaries and not direct, you would find it easier to use a provider that chooses to retail direct rather than via intermediaries. So much easier than trying to get firms to break their distribution channels.

xylophone

Rather than trying to be buy products designed to be retailed via intermediaries and not direct, you would find it easier to use a provider that chooses to retail direct rather than via intermediaries.

Isn't the OP trying to transfer his pension to just such an arrangement?

bobbymotors

yes I am.


thing is if Aviva accepted it there shouldn't be any cash out charges whereas if I transfer it then there definitely will be- understandable as they have to get something out of it otherwise no point accepting the transfer from me.


amazed at just how obstructive Aviva are being.

bobbymotors

Rather than trying to be buy products designed to be retailed via intermediaries and not direct, you would find it easier to use a provider that chooses to retail direct rather than via intermediaries

Such as who?

dunstonh

Isn't the OP trying to transfer his pension to just such an arrangement?

Doesnt sound like it. It sounds like he is trying to transfer it from one Aviva product to another Aviva product. If I am misreading, then I apologise.

If its a transfer to a non-Aviva pension then its an absolute doddle and Aviva have virtually no input. You just complete the discharge forms they supply and give them to the new pension provider. The new pension provider is the one in control of the process effectively.

bobbymotors

It sounds like he is trying to transfer it from one Aviva product to another Aviva product.


yes that's right - to avoid cash out fees!