Old Norwich Union Aviva pension section 32 misselling.

garcol

Hi can anyone help I was 60 in July 2019 and I was expecting my Norwich union /Aviva GMP section 32 
to start paying out however Aviva say there is insufficient funds and I will have to wait till I am 65. I took this policy out in 
1988 but I have had a problem. Six months ago I had a burst pipe in my loft and my documents 
were damaged ,does anyone know how I can retrieve or replace them as Aviva are not being helpful?

Thanks in advance

SonOf

Hi can anyone help I was 60 in July 2019 and I was expecting my Norwich union /Aviva GMP section 32 to start paying out
What led you to believe that you could commence this pension at age 60?

I took this policy out in 1988 but I have had a problem. Six months ago I had a burst pipe in my loft and my documents 
were damaged ,does anyone know how I can retrieve or replace them as Aviva are not being helpful?
Pensions are not really for burst pipes in the loft.  Home insurance is more suitable for that.
You could give up the GMP and transfer it to another pension which would allow earlier access.  However, the amounts you would be giving up could be significant.   Aviva have to meet the Guaranteed minimum pension, even if the investment fund hasnt built up to that level.  However, they are only required to do so at age 65.   If it is valued over £30,000 then you would need an adviser to sign off on it (and most wont - especially if you are still working).

Some people have complained about incorrect information from Aviva on S32 buy out bonds and some of those have had success (some, not all).  So, if you have documentation that shows it should be available at 60, then you may consider raising a complaint.  However, if it was always going to be 65 then a complaint that you want it at 60 doesnt seem very strong.

What about using a loan or your savings?
What other pensions do you have?

xylophone

Some people have complained about incorrect information from Aviva on S32 buy out bonds and some of those have had success (some, not all).  So, if you have documentation that shows it should be available at 60, then you may consider raising a complaint.  However, if it was always going to be 65 then a complaint that you want it at 60 doesnt seem very strong.

https://www.ftadviser.com/pensions/2017/05/10/aviva-pension-policy-complaint-dismissed/

xylophone

Pensions are not really for burst pipes in the loft.  Home insurance is more suitable for that.

It doesn't seem to me that the OP is saying that he wants the pension so as to be able to pay for the burst pipe.

Rather, he  wants to challenge Aviva but his documentation has been damaged by the water leak and he wants Aviva to replace the policy documents and associated paperwork?

SonOf

xylophone said:

Pensions are not really for burst pipes in the loft.  Home insurance is more suitable for that.

It doesn't seem to me that the OP is saying that he wants the pension so as to be able to pay for the burst pipe.

Rather, he  wants to challenge Aviva but his documentation has been damaged by the water leak and he wants Aviva to replace the policy documents and associated paperwork?

 I completely misinterpreted that bit.  Made me smile and I hope it does others!
on the one on this link: https://www.ftadviser.com/pensions/2017/05/10/aviva-pension-policy-complaint-dismissed/
There have been some successes according to some past threads here.  However, I think it came down to certain dates they were set up and how it was documented (i.e. T&C changed over time).

xylophone

to some past threads here.

The OP may want to wade through the thread below.
https://forums.moneysavingexpert.com/discussion/5587372/norwich-union-aviva-section-32-mis-selling-on-benefit-indexation

xylophone

And the famous Anthony Harris.......
https://www.pensions-ombudsman.org.uk/determinations/2014/po-2269/aviva-plc/

DairyQueen

Coincidently Mr DQ received the pension options paperwork on his Aviva (ex NU) S32 buy-out today.

I'm not sure whether this is the same type of policy as referred to by OP but Mr DQ has a GMP element.

Mr DQ has a policy NRA of 63 and thanks to the ombudsman ruling (Harris v Aviva) Aviva must pay-out at the contracted policy age (63) and not at GMP age (65).

Aviva have been fudging the consequences of this ruling for the last 18 months and it was like drawing teeth trying to extract info from Aviva call centre. We eventually received a very grudging admission that the Harris ruling would apply to Mr DQ. Since then every communication from Aviva has headlined the CETV without a single mention of the annual pension or the favourable start date.

Unsurprisingly Mr DQ will be taking the annual pension from age 63. It will increase by 8% at age 64 and again at age 65. From then on it will not be index-linked. Despite this, Mr DQ will break even by the time he is 74.

Mr Harris had a policy NRA of 60. Here is the ruling. May be of use to OP.

xylophone

Aviva must pay-out at the contracted policy age (63) and not at GMP age (65).

The devil is in the ( exact policy wording) detail.....see link in post 2 above.

DairyQueen

xylophone said:

Aviva must pay-out at the contracted policy age (63) and not at GMP age (65).

The devil is in the ( exact policy wording) detail.....see link in post 2 above.

Ah ha! I assume that Mr Harris is the previous case referred to in Mr N's ruling. Mr DQ's buy-out took place in 1988. Looks like the policy wording evolved in the years that followed.

The devil is in the detail indeed.