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

neilvw

thebullsback wrote: »

Well another deadline set by Aviva has passed with yet again no reply to my question so a complaint will be lodged some time this week.
On another note my wife has found letter from Aviva dated February 2013 its a statement like the one in my OP but has the figures for Feb.2013 .Wonder if this helps any spreadsheet wizards to say what is going on .

Your guaranteed pension will be payable from your normal retirement date (NRD) which is 05 Feb. 2024
there is no fund associated with these benefits and consequently no annuity rates apply.The current transfer value to another approved pension arrangement is £13,052.81 of which £0.00 is the value of pre-88 GMP and £5,803.27 is the value of post -88 GMP. These values are for illustration purposes and are not guaranteed.

Does this help any ?
Again thank you all for time and effort in assisting me .

What does the Aviva Representative say? Has he passed it on and is waiting for a response? I wonder if they might be trying to dig out the original paperwork from storage. A complaint might get things moving.

Incidentally, the transfer value has gone up by a third (+32%) in two years. I guess that's due to lower annuity rates.

thebullsback

On the face of it Social@aviva have been very good in as much as they can only pass on what I or other people request .However I myself feel very uneasy about the way the relevant department concerned have handled my request .I may be wrong but I feel there is something not right about all of this.As I say that's only my opinion and I am no financial expert so I am probably wrong.

xylophone

Let's start again and check the facts.

You had a well paid job with a company which offered a defined benefits pension scheme for about eight years - this was between 1988-1999?


The Scheme was contracted out, therefore had to provide you with a Guaranteed Minimum Pension at least equivalent to what you would have accrued had you remained contracted in to SERPS.


When you left the Scheme, you should have been provided with a statement of deferred benefits.

It would have shown your GMP and excess at the date of leaving the scheme.

The scheme would have had to revalue your GMP in deferment and the excess over GMP as described here

https://www.barnett-waddingham.co.uk/comment-insight/blog/2014/08/18/what-is-a-gmp/

https://www.barnett-waddingham.co.uk/comment-insight/blog/2012/07/24/revaluation-for-early-leavers/

The Scheme was wound up and your deferred benefits secured with Norwich Union/Aviva.

You have been told

Benefits on Retirement at normal age.
£693.72 a year .This includes Pension other than your guaranteed minimum Pension of £351.04 a year .Your guaranteed minimum Pension of £342.68 a year which was earned after 5April 1988.


Are Aviva saying that the GMP figure cited is your GMP revalued to age 65

or is it the GMP value at the commencement of the policy ?

is the excess over GMP (351.04) the excess revalued to GMP age or the GMP value at the commencement of the policy?

If the former in each case then your GMP would have had to be very small at commencement,and I don't see how it can have been if you worked in a well paid job for eight years?

If the latter in each case, how is (a) the GMP and (b) the excess revaluing in deferment?

thebullsback

I "Think" this is what happened.
Started work for "Company A" in 1989 joined there pension scheme.
"Company A " went bust in approx 1991.
Later in 1991 "Company A" was bought by "Company B"
"Company B" introduced a worked Pension Scheme with a difference as in it was a PERSONAL PENSION but "Company B" would contribute into it ...I have this document
GP Personal Pension Plan insured by Norwich Union Life Ins Soc
Commenced on28 April 1992 .Matures on 5 Feb.2024 Your current Premium is £18.89pm Your employer is paying £37.78pm.
"Company B" AVC Scheme Insured by Norwich Union commenced 28 April 1992 Your current premium is £85.53pm
I then asked "Company B" finance department if I could pay more into my pension and they said they would check up for me.
I got the following illustration and went ahead with it
Norwich Union Commenced on 30 April 1996 £68.42pm (equivalent to £12 per week net).......??is this something to do with tax relief or something?in
I was them made redundant around June 1999.
In October 1999 I joined the NHS and was immediately made a member of the NHS pension scheme in Oct 2000 I bought 7and a half years pension rights in the NHS pension scheme using I believe the largest pot of my "Company B " pot .
Aviva still have my remaining pots one of which I believe is the one I am trying to find out about .

xylophone

You are saying then that the DB replacement policy to which you originally referred replaces just two years of contributions to the company A DB Scheme?

This indicates that the figures cited above are the GMP and excess revalued to age 65?

So that if you waited until age 65 the two combined would be your starting pension and the elements would increase by 3% and 5% as originally indicated?

You have another pension pot with Aviva in addition to to the above?

As far as I can see, you would not be eligible to take the lump sum now under triviality?http://www.pensionsadvisoryservice.org.uk/about-pensions/retirement-choices/the-right-choice-for-me/taking-a-small-pension-as-a-cash-lump-sum

And it is too large to take as a small pot?

It might be possible to transfer out so that you could take 25% tax free and the balance as income but if you did you might find yourself with a large tax bill?

You might try Pension Wise? https://www.pensionwise.gov.uk/

thebullsback

No my OP concerns only Company B.

xylophone

No my OP concerns only Company B.

Your first post concerned a DB replacement policy and this cannot refer to the Company B pension which you have said was a Personal Pension Plan?

thebullsback

Ok I may be wrong i am only typing what is in front of me.
is there a way of getting photo copies on the forum?

thebullsback

Or Im willing to email docs .

thebullsback

Company B was a German company and did not do normal pension schemes .The union talked to them and it was agreed that a sort of PP would be set up into which employer and employee would pay they said a big advantage of this set up would also be if anyone left they could take the PP with them .Thats what I remember.
As I said in my OP I am trying to find out what the policy in my OP is?
I am pretty sure its nothing to do with Company A