Cashing in a section 226 pension nightmere

topfmine

I have a GAR looks like i can't do much until i am 60 or does it?

xylophone

Have you read through the above threads?

Even if you have a GAR the value of the safeguarded benefit is under £30,000?

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/495377/pension-benefits-with-a-guarantee-factsheet-jan-2016.pdf

You might try TPAS for assistance. https://www.pensionsadvisoryservice.org.uk/ask-us

You could write to Aviva.

https://www.hl.co.uk/pensions/sipp/transfer-to-the-vantage-sipp

HL accepts RAC transfer into its SIPP - I wonder would it be worth a call to them?

https://www.hl.co.uk/pensions/retirement-options/taking-pension-lump-sum-tax

topfmine

I have tried to ring Aviva again but their lines are so busy its unbelievable. I have read all the above threads, very interesting, these are the threads i saw a while back about Aviva being awkward and difficult to deal with which i am experiencing now. As for the GAR if you read between the lines its states you COULD or MAY get this or that, the world could be a different place in years to come not giving any guarantee of anything, rather cut my losses on the GARs and take the cash,seeing what i put into it and with time accumulate to under 10k for little put in.
When i eventually get through to Aviva i will asked to speak to the manager or someone with a IFA qualification about the 55 year rule, may be take their name of the qualified IFA adviser and give the IFA their name. Has anyone actually or eventually cashed in their 226 GAR pension, taken it out under the small pot rule.

topfmine

I manage to ring them again but they were persistent that the 55 age rule did not apply only 60. So i said that i want this confirmed in writing, letter and email so i can check this out with the FCA, they were taken back a bit that i mentioned the FCA, they said do you want to put in a complaint, i said i wanted to know who was right and who was wrong over company rules vs UK legislation and the FCA will put that right who is telling the truth, then i will put in a full complaint if the 55 rule applies. So i have to wait. I mentioned about a IFA for changing the policy to a down draw or one i could cash in. which they persisted before but changed their tune abit and said i don't really need a IFA.

xylophone

Try TPAS for assistance.

atush

Or even try finding out how much the GAR is?

xylophone

Or even try finding out how much the GAR is?

OP appears to have had this information.

With the transfer forms i got from Aviva they sent me information of what i could get with my Guaranteed Annuity rate which i am not interested in,

wjr4

Aviva is an insurance company so they do not have IFAs. Find out what the actual guaranteed annuity rate is before seeing whether to cash in the pension as mentioned above.

topfmine

I am not interested in the GAR on 8K, i already have that information, it's all based on could or may and is not worth the bother, i just want to cash it in, i already have a good local authority pension. I will pursue the financial authorities over Aviva stopping me and clarify this age limit stopping me from taking it out.Really makes me mad, funny how 226 pension holders dealing with other companies have no problems with theirs.

Terron

topfmine wrote: »

I am not interested in the GAR on 8K, i already have that information, it's all based on could or may and is not worth the bother, i just want to cash it in, i already have a good local authority pension.

If it is a GAR it is guaranteed, provided you meet the condtions., which are based on how pensions used to work a long time ago.


I can understand not wanting to botheron such a small pot.


I have a couple around £15k each with GARs of 10.6% which I intend to take as designed next year when I am 60. They will be fixed annuities paid annually in arrears and will make a nice birthday present to myself. each year.