What is it and what can I do with it ???

xylophone

One can only assume then that the terms of the bulk buyout on scheme wind up were that a pension amount (GMP and other) was calculated at the outset, that it would not increase in deferment but would increase in payment as described.

As previously discussed, the triviality option would not be open to you.

You either take one of the options proposed at retirement date or you ask for a CETV and transfer the pension to a DC arrangement which would permit you to use pension freedom?

thebullsback

Thank you for your reply and help in this matter xylophone.Any guesses as to what the CETV might be and what steps would give me the most from this fund ?Hypothetically of course.

xylophone

As to the CETV, only Aviva can advise.

If you transfer to a DC pension then you can leave it to grow, take the tax free PCLS and leave the rest to grow, withdraw as and when etc.

You'd need to bear in mind your tax position.

thebullsback

As a Pension novice I have done a bit " Research" on line and seem to think CETV bite deep into your funds.Would my assumption be correct ?

xylophone

Aviva seem to have provided a Transfer Value in April.

The current transfer figure is £17,237.37 of which £7,586.33 is the value of post-1988GMP.We cannot guarantee these values ,they are for illustration purposes only.

You have several pension arrangements including a current defined benefits pension which together with state pension will be the backbone of your retirement provision- perhaps an IFA could look at the other arrangements and suggest the best way to proceed?

thebullsback

Policy type UK Defined Benefit Sch Replacement.
The values quoted on the replacement policy represent the total pension available at your normal retirement date 5 February 2024.

From 5 February 2024 the total pension payable is £693.72 per annum , which is revalued on the following basis:-

GMP of £342.68 is revalued at3% per annum compound.
Pension of £351.04 (other than GMP) is revalued at 5% per annum compound.

Please note there is no revaluation on the pension from the date of leaving the Scheme 13 November 1991 to your normal retirement date of 5 February 2024.
Yours sincerely
Am I right in thinking that if I leave this pension alone it could accumulate even more funds and therefore provide a higher annual pension at NPA ? and of coures should there be less funds a smaller pension atNPA.

neilvw

You won't get a penny more or less in annual pension from Aviva than they have promised. The transfer value will however fluctuate due to their assumptions about annuity rates etc.

I take it they haven't answered your question asking why there is no revaluation in deferment, then? Or told you what other policies you have? You emailed them on 30 July with those two questions.

They seem to have answered different questions.

thebullsback

Only reply to my second request for information is the one I posted on the !5th of Aug.
Do I need to press them for more ?

neilvw

thebullsback wrote: »

Only reply to my second request for information is the one I posted on the !5th of Aug.
Do I need to press them for more ?

They haven't answered these questions you put to them on 30 July:

neilvw wrote: »

I think you should ask for
(a) a detailed explanation of why there is no revaluation of your pension between 1991 and 2024, as they stated in their response to you; and
(b) confirmation of any other pension policies Aviva hold for you, with a benefit/valuation statement for each. List any plan numbers you have.

thebullsback wrote: »

I have emailed them those exact questions now. Thank you

thebullsback

On my copy from Norwich Union it states .Policy Schedule .Deferred Annuity Replacement .
Does this title make any difference?