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Section 32 buyout options - 5 week deadline
charoniv
Posts: 90 Forumite
Just had another letter from Aviva about this - I wouldn't say they are inept but...
There is a GMP at 65 (not state pension age) and Aviva have agreed (under duress) that benefits should be paid from 60 - increasing year by year to the GMP at 65.
In January I received a letter saying I had 3 options.
1. Lump sum to cover missed years plus annuity.
2. Increased annuity - missed years spread over the years to GMP
3. Defer up to max age 75.
I thought option 1 in case the rules change (and my IFA says there's no reason not to - any comments?) - but I didn't do anything thinking I would wait until the next tax year - but I did leave room in my income this year to leave space in case I got round to doing this.
Today I received a letter saying that they didn't make it clear (understatement) that I had 5 weeks to decide or option 3 would be taken.
There are a number of issues with the new letter.
My account number/name are only on the first two pages
The pages are not numbered (or dated apart from the first two)
The acceptance form is two pages, no date, page number, my name/ac number only on the first.
They also say to send proof of identity - but it consists of something with bank details and looks much more like it is checking that they have copied them correctly.
I'm lucky in that I have planned in case this happened - and anyway it's not much for me.
There is a GMP at 65 (not state pension age) and Aviva have agreed (under duress) that benefits should be paid from 60 - increasing year by year to the GMP at 65.
In January I received a letter saying I had 3 options.
1. Lump sum to cover missed years plus annuity.
2. Increased annuity - missed years spread over the years to GMP
3. Defer up to max age 75.
I thought option 1 in case the rules change (and my IFA says there's no reason not to - any comments?) - but I didn't do anything thinking I would wait until the next tax year - but I did leave room in my income this year to leave space in case I got round to doing this.
Today I received a letter saying that they didn't make it clear (understatement) that I had 5 weeks to decide or option 3 would be taken.
There are a number of issues with the new letter.
My account number/name are only on the first two pages
The pages are not numbered (or dated apart from the first two)
The acceptance form is two pages, no date, page number, my name/ac number only on the first.
They also say to send proof of identity - but it consists of something with bank details and looks much more like it is checking that they have copied them correctly.
I'm lucky in that I have planned in case this happened - and anyway it's not much for me.
0
Comments
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I thought option 1 in case the rules change (and my IFA says there's no reason not to - any comments?)
What rule changes are you thinking of?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
[Post to subscribe via mobile - ignore]Conjugating the verb 'to be":
-o I am humble -o You are attention seeking -o She is Nadine Dorries0
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