Serps at Aviva

thebullsback

Hi everyone I have Pre 95 Individual Personal Pension with Aviva made up entirely of payments whilst I was contracted out of Serps from September 1993 to October 2000.Total amount paid in over the years is £4589.73 and my Transfer Value today stands at £12,100.44 inc Final Bonus of £1,496.01.
It is due to pay me at NRD £38 .( 5/2/2024)
Can I make it do any better for me ?

dunstonh

Can I make it do any better for me ?

Maybe. Maybe not. We dont have enough to go on (the background info you supplied doesnt tell us detail)

What are the charges? (ongoing and exit)
What alternatives are you comparing it to?

thebullsback

the plot thickens just rang aviva and apparantly this policy is "commision Based " @ 0.87% .Any Ideas what this means ?

thebullsback

Just to add the Aviva Dept that deals with this is closed till Monday

neilvw

How much is it projected to pay you at NRD - is that £38 a month? The estimated benefits will assume modest growth through to 2024 and then annuity purchase, with the result being in today's money (adjusting for assumed inflation).

Is this the same policy you asked about last year? - https://forums.moneysavingexpert.com/discussion/5093782

If so, the transfer value appears to be up +40% in 9-10 months

xylophone

Is this the only other policy (apart from the DB replacement) you have with them?

https://forums.moneysavingexpert.com/discussion/5245197

post 65

The GPP was transferred to the NHS?

What happened to the other two policies?

thebullsback

Total Fund Values
8 April 2011-£8726.02
8 April 2012-£8701.64
8 April-2013-£9571.68
8 April 2014-£10418.85
8 April 2015-£11601.58

thebullsback

yes this is the other policy (its NOT the one in my other thread)

dunstonh

the plot thickens just rang aviva and apparantly this policy is "commision Based " @ 0.87% .Any Ideas what this means ?

it means its a pre-RDR (Jan 2013) case with an annual charge of 0.87%. A post RDR contract could be obtained that is a little cheaper. However, in additional to annual charge, you need to know what the exit charges would be (if any).

Forget the income projection as that is just a range of assumptions and almost certainly lower than what it likely. That is not how you measure quality.

thebullsback

when I rang Aviva today they said nil running charge and nil exit charge just 0.87% commision ?
Growth looks good to me ( bear in mind I know very little about markets)

neilvw

But have Aviva said there are any other policies? You mentioned an AVC and a GPP both with Aviva, one of which was transferred to the NHS scheme. This one isn't an AVC or a GPP, it is a PP for rebates.

thebullsback wrote: »

Total Fund Values
8 April 2011-£8726.02
8 April 2012-£8701.64 -0.3%
8 April-2013-£9571.68 +10.0%
8 April 2014-£10418.85 +8.9%
8 April 2015-£11601.58 +11.4%

I've added the yearly changes. (The £8,650 you gave last year must have been an old value.) Your Aviva With Profits fund hasn't done too badly at all (I'm assuming you are wholly invested in that one fund.) About half of the fund is invested in shares, the rest in bonds, property and cash.

The other funds available to you are listed in here: http://www.aviva.co.uk/adviser/life-insurance-documents/view-document.cgi?f=sp70020c.pdf&lid=prod-lit-&lpos=sp70020c.pdf

Most are decent funds in terms of performance against similar funds in the market.

All are listed on the website as being charged at 0.875% a year, so this is probably what you are being charged each year, nothing more. The charge is taken into account in the daily price of each fund. That was set up on the basis that an adviser would be getting some of that as ongoing commission - but usually you don't get a discount if you don't have an adviser!