Section 32 Help

Scotty62

Yes indeed though the company seem to have a number of reinventions

xylophone

As have been one or two advisors since but he was very persuasive and seemed sure that I could both retire at 60 and have full access on a much larger pot than if I stayed with the LGPS.

See http://m.financialadvice.net/s32_buy_out_plan/zone/1288

He must have been aware that the size of the pot would depend on investment performance?


Below may be of interest
https://www.ftadviser.com/pensions/2017/05/10/aviva-pension-policy-complaint-dismissed/

Does Aegon use Fixed Rate?

If so, and you have the figures, you could calculate the value of your GMP at age 65?

Scotty62

AEGON have said the following when approached re a transfer:
You stated that you were looking to transfer your plan. As confirmed in the letter we sent you,the transfer unfortunately can’t proceed. This is because the transfer value doesn’t meet the cash equivalent value of the GMP.

We may be able to transfer if the receiving provider was happy to accept the GMP and agreed to cover the costs. As these costs outweigh the GMP, this can prove difficult so I hope you understand why we state that a transfer is not usually possible.
Of course, if you do find a provider that is willing to accept the liability, please get back in touch with us.
I understand this isn’t the outcome you were hoping for, but I hope my email explains why we can’t settle his plan before age 65.

xylophone

You stated that you were looking to transfer your plan. As confirmed in the letter we sent you,the transfer unfortunately can’t proceed. This is because the transfer value doesn’t meet the cash equivalent value of the GMP.

We may be able to transfer if the receiving provider was happy to accept the GMP and agreed to cover the costs. As these costs outweigh the GMP, this can prove difficult so I hope you understand why we state that a transfer is not usually possible.

Above as explained in first link in my previous above..

Another poster seeking to transfer out of a S32 was advised by the provider

By law,a transfer can only take place if the company`s actuaries can certify that the transfer value available is greater than the amount needed,on a prescribed basis,to provide the Guaranteed Minimum Pension liability held under your plan.This amount is known as the cash equivalent transfer value (CETV )


Have you complained to the Ombudsman about the advice you were given?

See https://www.financial-ombudsman.org.uk/publications/technical_notes/pensions-review.html