Serps at Aviva

thebullsback

xylophone wrote: »

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?

I also have a Prudential Bond 32 which is payable @ age 62 GMP is £2,313 per year.
So I guess Triviality really is out on any policy's for me even if I wanted too? which I would NOT do without a good long hard think about things.

xylophone

A Prudential S32 buyout bond? But what was the pension that was bought out?

neilvw

And if there's GMP from the Prudential Section 32 it will be payable at 65, not 62 (although if the value is high enough the GMP can be paid early.)

I'm going to address the Aviva DB replacement scheme on the relevant thread. I don't think Aviva quoted for triviality, just pension plus optional tax-free cash, or transfer/Open Market Option.

I think we actually need a whole sub-forum - thebullsback Pension Policies Discussion...

thebullsback

xylophone wrote: »

A Prudential S32 buyout bond? But what was the pension that was bought out?

Bond 32 was bought in 1988 out of my Bus Employers Superannuation Trust Pension .

thebullsback

And if there's GMP from the Prudential Section 32 it will be payable at 65, not 62 (although if the value is high enough the GMP can be paid early.)
I have a letter from Prudential Confirming my Retirement age is 62

neilvw

thebullsback wrote: »

I have a letter from Prudential Confirming my Retirement age is 62

But GMP only has to be paid from age 65 (for men). How much total pension is estimated (not just the GMP)?

xylophone

I'm going to address the Aviva DB replacement scheme on the relevant thread. I don't think Aviva quoted for triviality, just pension plus optional tax-free cash, or transfer/Open Market Option.

They seem to have quoted for triviality see post 43 https://forums.moneysavingexpert.com/discussion/5245197

One other interesting thing that happened was that I have had a second " Retirement Illustration " sent out too me that this time includes a Triviality Option that the original Illustration did NOT include.

neilvw

Ah, my mistake. I'll re-quote that in the other thread. Thanks.

xylophone

Regarding the S32. OP might have chosen 62 as his retirement age (possibly in line with the ceding scheme) but see http://www.thisismoney.co.uk/money/pensions/article-2566539/Aviva-threw-retirement-plans-disarray.html

re some Aviva S32s

and http://www.financialadvice.net/s32_buy_out_plan/zone/1288

"if there are GMP requirements the normal retirement age may have to be the same as the transferring final salary scheme (but benefits under the Section 32 may be taken earlier or later, but no later than age 75). Otherwise the retirement date is chosen by the member and can be any time between 55 and 75 (used to be 50 before 2010).

Early Retirement

Transfers which do not include GMP may be taken as early as age 50 (earlier on ill health). Transfers which include GMP can only be taken before GMP retirement age (65 male and 60 female) where the fund value is sufficient to cover the provision of GMP at GMP retirement age or the widow(er)’s GMP at earlier death."

neilvw

Interesting links. There's a small mistake in this one though:

http://www.financialadvice.net/s32_buy_out_plan/zone/1288

For most working employees therefore, they built up two state pensions. However, your company pension if you have one, used to be able to elect to 'contract out' of the State System just for this second tier pension and have it paid into your own pension. Contracting out has now stopped.

Contracting out stops after 5 April 2016 for DB schemes (which the site was including in its discussion).