Aviva with profits pension hidden money

Dazgolface

Hi all I currently have an old with profits pension with Aviva and am having great difficulty in getting any info from Aviva regarding the amount of money in the estate the Charges attached to the estate and also who actually the money belongs to? It seems the money will eventually go to the share holders.
any help would be much appreciated as Aviva are not responding to my calls or messages.

eskbanker

You say that you currently have a pension with Aviva but then go on to talk about an estate and not knowing who the money belongs to - have you inherited a pension perhaps, or are you planning ahead for your own demise in the future maybe?

Heavily condensing the story on here won't help in obtaining meaningful replies if it doesn't make sense, but, even if you choose to summarise it so much for public consumption, when you're asking Aviva you'll need to be clearer in explaining what you mean....

dunstonh

I suspect they are talking about inherited estate funds built up in the with profit fund.   Not the sort of thing the staff members at Aviva contact centre would know about or get involved in.

It seems the money will eventually go to the share holders.

Theoretically yes.  That would be the final end game when the fund runs out of policyholders.  However, in the meantime, no it wouldn't.     

Dazgolface

eskbanker said:

You say that you currently have a pension with Aviva but then go on to talk about an estate and not knowing who the money belongs to - have you inherited a pension perhaps, or are you planning ahead for your own demise in the future maybe?

Heavily condensing the story on here won't help in obtaining meaningful replies if it doesn't make sense, but, even if you choose to summarise it so much for public consumption, when you're asking Aviva you'll need to be clearer in explaining what you mean....

Dazgolface said:

Hi all I currently have an old with profits pension with Aviva and am having great difficulty in getting any info from Aviva regarding the amount of money in the estate the Charges attached to the estate and also who actually the money belongs to? It seems the money will eventually go to the share holders.
any help would be much appreciated as Aviva are not responding to my calls or messages.

Thanks for the replies it is the inherited estate within the pension I have no idea of it’s value or how it works I believe it’s a pot of money that tops the sub fund up there are reports of there being large amounts of extra money in there I wondered if anybody had a similar pension and knows how it works? Who’s money is it?
I can’t find any information on my policy about it who Runs it or who pays the charges on it.

dunstonh

The money is there to aid smoothing and cover liabilities.  Such as guaranteed annuity rates, guaranteed minimum fund values, GMP etc.    It is also there to provide sufficient to cover the guaranteed minimum maturity value.    The fund has to be solvent and the inherited estate is the surplus needed to cover it.

Periodically, there is a distribution of this money in the form a special bonus or the provider will attempt to buy policyholders out of their share in exchange for an immediate value.   That may suit short term holders but may not suit long term holders.

You may wish to look up Clare Spottiswoode regarding the last time Aviva agreed to buy out policyholders share in the inherited estate.

Who’s money is it?

It belongs to the fund and policyholders have units in the fund (or allocations if they are older conventional plans)

I can’t find any information on my policy about it who Runs it

Aviva.

or who pays the charges on it.

The fund pays the charges. Not the policyholders (who pay charges only against their value and contract terms).