Pension statement addressed to old employer

hannaht

Hi Can anyone point me I the right direction for some info please? I received a statement for an old workplace pension from a previous employer- the statement was addressed to the employer and I was named on page 2 as the “member”, so someone at the previous employer had opened it and forwarded it on to my home address. I phoned Aviva to ask if they could send future statements direct to me but they say they can’t because it is a trustee pension and all correspondence has to go through the trustees.  Can anyone enlighten me re what options I have with this sort of pension? Aviva just told me to contact the trustees, but having found out who they are I’m not convinced they are the best placed to advise me? Thanks in advance

Albermarle

I had a similar situation . The pension company would only send updates to the Trustee. At one point there was confusion over who the Trustee was after internal reorganisation/dormant company's etc and I did not receive any updates for three years .
It's not ideal but I  do not think you have any choice but to continue to work with them but they will not 'advise' you as such.

Thrugelmir

All the letters will go to the Trustees for onward distribution. As it is they who hold all the contact details. 

Marcon

hannaht said:

Hi Can anyone point me I the right direction for some info please? I received a statement for an old workplace pension from a previous employer- the statement was addressed to the employer and I was named on page 2 as the “member”, so someone at the previous employer had opened it and forwarded it on to my home address. I phoned Aviva to ask if they could send future statements direct to me but they say they can’t because it is a trustee pension and all correspondence has to go through the trustees.  Can anyone enlighten me re what options I have with this sort of pension? Aviva just told me to contact the trustees, but having found out who they are I’m not convinced they are the best placed to advise me? Thanks in advance

Aviva are correct, but as you've just had a statement, I wonder what more information are you looking for? It sounds as if this is a defined contribution arrangement, so you have two options: leave the money where it is until you come to draw your retirement benefits from the scheme, or transfer it to another arrangement. I would expect your statement to show a transfer value - does it? Does it make any mention of 'guaranteed benefits' such as a GAR (guaranteed annuity rate)?

xylophone

having found out who they are I’m not convinced they are the best placed to advise me?

  You don't want advice, just to have future statements sent to you?

all correspondence has to go through the trustees. 

But Aviva seems to have gone through the employer (presumably not the Trustee)?

What kind of pension was this? DB? DC?

Is it a number of years since you left?

In what capacity  is Aviva acting?

hannaht

Thank you all so much for replying.
Xylophone i contacted Aviva as I wanted To have statements sent to me direct but when they explained why that wasn’t possible I wondered if I should look to move the pension.  The employer concerned no longer exists (it was a private school which has now transferred to the state sector and joined a MAT.   The trustees no longer work there. I guess it just rang alarm bells, what If they are uncontactable when I want to draw my pension, for example?

the statement was addressed to the old school name at the existing address, rather than the trustee home addresses.

Marcon it does show a transfer value, but I cant see a GAR.  It’s a defined contribution, Aviva with profits.

Thanks v much all x

xylophone

I have to say that the situation does not seem very satisfactory.
Were the Trustees formerly office holders at the school?
Why hasn't up to date information been provided to Aviva?

What information were you given about drawing the pension when you were eligible so to do?
Whom would you contact?
I wonder is it worth a discussion with TPAS?
https://www.pensionsadvisoryservice.org.uk/

Are you currently a member of a pension scheme? Would a transfer in be accepted?

hannaht

Thanks v much, I will have a look at that link. Yes the trustees were senior leaders at school, and I haven’t been given any information since a statement 3 years ago and then this one. If I hadn’t contacted Aviva myself, I’m not sure what would have happened. 

I’m currently in the local government pension scheme so I will look into transfer options there.
thanks for all your input, it’s been very helpful x

Marcon

hannaht said:

Thanks v much, I will have a look at that link. Yes the trustees were senior leaders at school, and I haven’t been given any information since a statement 3 years ago and then this one. If I hadn’t contacted Aviva myself, I’m not sure what would have happened. 

I’m currently in the local government pension scheme so I will look into transfer options there.
thanks for all your input, it’s been very helpful x

Sounds as if the trustees should have wound up the scheme and had benefits transferred to individual policies in the name of the relevant scheme member. It's the sort of loose end which is all too common (and one way in which people lose track of their benefits).

xylophone

I’m currently in the local government pension scheme so I will look into transfer options there.

There might have been only a twelve month opportunity from joining LGPS to do this.

https://www.lgpsmember.org/arm/already-member-tvin.php

Otherwise, there will be an AVC scheme available to you - you might consider a transfer in to that and continue to contribute from salary.

https://www.pru.co.uk/rz/teachers/

Or you have a wide choice of personal pensions available to which you could transfer.

You might even consider a transfer to an Aviva personal pension.

https://www.aviva.co.uk/retirement/aviva-pension/

 

Albermarle

My experience was similar . The subsidiary company was shut down and absorbed into another sister company . Somewhere along the line who actually where the trustees got blurred ( people left , nobody was interested in some old small pension scheme etc) IN the end I got no info at all for over three years and only after numerous e mails with Scottish Widows did they agree to transfer the pension over to me personally on the basis that trustees could not be located.
My advice to the OP is transfer it out asap whilst you still at least know who the trustees are.