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

xylophone

Aviva should be able to identify the closed scheme to which the DB replacement policy relates?

thebullsback

ok I take that on board but having now displayed more information can anyone tell if Avivas figures add up or not?
And again much thanks for your time and effort over this I am greatfull

xylophone

If they relate to a bare two years in the scheme then they seem much more likely....

xylophone

Company A had a contracted out defined benefit pension scheme.

You joined the scheme in 1989 but only had two years of membership because the company became insolvent in 1991 and contributions to the scheme ceased.

Company B bought Company A but did not take over the DB Scheme or start a DB pension scheme of its own.

However, it did set up a DC pension arrangement through NU/Aviva

the

GP Personal Pension Plan insured by Norwich Union Life Ins Soc
Commenced on 28 April 1992 .

There was also an AVC plan

"Company B" AVC Scheme Insured by Norwich Union commenced 28 April 1992

You then decided to contribute additional amounts to your pension

Norwich Union Commenced on 30 April 1996 £68.42pm (equivalent to £12 per week net).......

You were made redundant in 1999, took an NHS job and joined the NHS Pension Scheme.

bought 7and a half years pension rights in the NHS pension scheme using I believe the largest pot of my "Company B " pot .

The Company A DB pension was not transferred to the NHS but was bought out by NU/Aviva which provided you with the DB Replacement Policy which you still have.

If only the largest of your DC policies was used to fund the purchase of the NHS years (you seemed to have three?), what happened to the other two?

neilvw

I make it two DC (defined contribution) pots with Aviva - the AVC plan and the GPP. One of those was transferred into the NHS DB (defined benefit) scheme. OP - Aviva should be able to tell you what happened to the other one - ask about this.

Which leaves the replacement scheme - a buy-out by Aviva of Company A's DB scheme. It could have been as little as one year's service (as perhaps the company made the OP wait 6-12 months before joining) which could mean that the figures are correct, even revalued up to 2024.

But the OP needs Aviva to confirm the accrued benefits as at the date of leaving service [i.e. before revaluation], and they should be able to confirm the length of pensionable service as well. I would make a complaint due to the lack of responses so far.

PS The OP asked about tax relief -

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?

At that time the basic rate of income tax was 24%, so £68.42 gross pm was £52.00 net pm or £12.00 per week.

thebullsback

You guys are amazing .What do I do Now please ?

neilvw

thebullsback wrote: »

You guys are amazing .What do I do Now please ?

Put in a complaint to Aviva by email, phone or letter, referring to your numerous emails and lack of response regarding the replacement policy.

As a rider, ask for benefit statements for any other pension policies they have in your name (you never know, it might go through more quickly if attached to the complaint!).

thebullsback

What if I say . Could you tell me what funds I have with you -what they are -whats there value and where did they come from and when ?

neilvw

thebullsback wrote: »

What if I say . Could you tell me what funds I have with you -what they are -whats there value and where did they come from and when ?

Yes, you can put that at the end of your complaint. After asking for a speedy answer to your unresolved question re the replacement policy ["what are the accrued benefits as at the date I left service in 1999, before revaluation"], ask what other policies they have in your name, and the value, projected benefits etc. If you have any plan numbers on the correspondence you have found, list those - but ask for any others to be included as well.

thebullsback

Hi everyone .I got my reply from Aviva today after only waiting nearly two month and it makes me look :embarasse not good.
Here is Aviva's reply

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

So I admit I was mistaken Sorry everyone especially Xylophone,agarnett and neilvw :T.

So what do I do now people ?