Serps at Aviva

xylophone

In which case it would appear that the GPP and the AVC and the additional policy taken out in connection with Company B were used to purchase NHS pension.

This left you with the DB Replacement Policy and the former "protected rights" policy.

But it now seems that there is yet another policy in the mix, the "Tailor Made GMP Plan UK AVC" which you say relates to a period pre January 1992 when you would still have been working for Company A?

Presumably this was an AVC in connection with the closed and bought out DB Scheme?

Yet another thing to check with Aviva?

xylophone

And my "1" plan must be made up of funds from my pension in "Company A) when it went bust?

I thought that that had already been established.

Incidentally, have you yet obtained a new state pension statement of your "Foundation Amount"?
https://www.gov.uk/state-pension-statement

xylophone

Presumably you've not been getting statements for the AVC or GPP plans for many years? That's not always definitive though.

See http://www.thisismoney.co.uk/money/pensions/article-2566539/Aviva-threw-retirement-plans-disarray.html

"Aviva also confirmed that it had experienced problems with sending out annual pension statements to customers, after one man told This is Money he had not received such a statement throughout the 27 years he had held his pension policy."

I am beginning to wonder whether it will ever be possible to get to the bottom of all this especially as additional policies keep crawling out of the woodwork...... (falling out of the drawer....):eek:

thebullsback

xylophone wrote: »

I thought that that had already been established.

Incidentally, have you yet obtained a new state pension statement of your "Foundation Amount"?
https://www.gov.uk/state-pension-statement

I'm starting to see the light now about my "Pots".
Yes I have asked about my State Pension ....Its £122 per week .I have worked since 1975 (aged 16) and opted out of Serps many years ago .

xylophone

£122 seems about right given your history of contracting out - there is possibly a little S2P in there because of the way that system works.

thebullsback

So moving off at a tangent here. Concerning my Aviva pots I guess Triviality is out of the question?

dunstonh

thebullsback wrote: »

So moving off at a tangent here. Concerning my Aviva pots I guess Triviality is out of the question?

Triviality doesnt really exist any more with money purchase plans.

neilvw

Yes, cashing in the former protected rights / rebate policy would come under the new freedoms effective April 2015 as it's classed as defined contribution (DC) / money purchase.

A value of £12,100 would give you £3,025 tax-free and the balance of £9,075 would be added to your other income for the year and is taxable accordingly. Emergency tax would probably be applied by Aviva but you can claim this back eventually if you have overpaid.

However if you don't need the £10,300 or so that you would get (assuming 20% tax), maybe you'd prefer to keep it in there as it's not doing so badly. Granted we've had a good few years in the stockmarket but I've seen far, far worse With Profits funds.

Using the new freedoms to take anything beyond the tax-free lump sum will reduce the amount you can put into a DC pension and claim tax relief to £10,000 a year - this isn't problematic for most people!

thebullsback

dunstonh wrote: »

Triviality doesnt really exist any more with money purchase plans.

I should have said Triviality with regard to my Deferred Annuity pot as in my "what is it " post.

xylophone

Triviality doesnt really exist any more with money purchase plans.

But it does with DB and at least one of the OP's Aviva policies ( the DB Replacement - heaven only knows the status of the so called ""Tailor Made GMP Plan UK AVC") is a DB like Scheme and in the OP's circumstances (age 56 , current NHS DB pension with over twenty years of contribution/purchased years not to mention benefits from other plans) could not be taken under triviality, even though Aviva seems to have quoted for this?