Am I mad

thebullsback

more info on this policy is in my previous thread called .what is it and what should i do with it....

xylophone

more info on this policy is in my previous thread called .what is it and what should i do with it....

This:-

I have found the original Documentation from the then Norwich union.
Normal Retirement age 65 (5/2/2024)
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.
Payable monthly from 1 March 2024 and for at least 5 year and continuing for the rest of your life.
Your Pension other than your GMP of £351.04 will increase by 5.00% compound and your GMP of £ 342.68 will increase by 3.00% compound.
There is also a guaranteed spouses Pension on my death after normal retirement of £346.92 per year.

I wrote to Aviva who now run the Policy at the beginning of April this year to ask what I could do with this fund if I wanted to "Retire" now and received this back...
This is a replacement policy from a terminated Defined Benefit Occupational Pension Scheme.The benefits were bought out of the scheme fund when the scheme wound up .Therefore there is no fund value and no annuity rates apply. The defined benefits are fully secured with Aviva on a non-profit basis and are not held within any unitized funds.
Therefore you cannot choose or switch funds and there are no charges that apply.
The current transfer figure is £17,237.37 of which £7,586.33 is the value of post-1988GMP.We cannot guarantee these values ,they are for illustration purposes only.
There was also these options open to me if Retiring now - Option one Yearly Pension of £113.64
Option two- Cash lump sum of £2153.48 + yearly pension of £65.28
Option three- cash sum now £2153.48 + £4075.22 to buy income from

another insurance company .
Option four - No lump sum + £6228.70 to buy income from another insurance company .
Additional bit of info on last page says -The open market option value of your GMP is -Basic open market option £10322.77
Total open market option £10332.77.

[/QUOTE]

xylophone

See also https://forums.moneysavingexpert.com/discussion/comment/69982863#Comment_69982863

OP, have you seen an IFA?

If it is this particular policy that concerns you, had you explored the possibility of transferring it out to another pension arrangement?