ReAssure pot(s) - "Wealth Plan" and "Wealth Plan (COPPS component)"

pookie_rabbit

Hi all - 

Firstly I intend to give "ReAssure" a bell on this but just wanted to gather some feedback so as not too sound too daft or fobbed off when ringing them...
Background - I started a pension with ReAssure (I THINK it was General Portfolio originally and then something else before ReAssure) around 35 years ago. I only payed into it for maybe 4 years before joining a company pension scheme. I have summarily ignored all the letters and info for most of that time but as heading towards 55 have piqued my interest.
Whilst the Policy number IS THE SAME I always receive 2 separate letters. "Wealth Plan" and "Wealth Plan (COPPS component)". The Wealth Plan total is around 15K and the WPC around 10K. My question is does that means I have 25K... OR is the "COPPS component" a PART of the overall? (i.e. I have 15K)?
I think "COPPS" must be something unique in the original pension naming - if it helps I do remember opting in or out of SERPS when sold it.
Anyway if anyone can give me any help would appreciate and will also reply when I have rung them to help any others with any of these "keywords"..
Many thanks!

dunstonh

Whilst the Policy number IS THE SAME I always receive 2 separate letters. "Wealth Plan" and "Wealth Plan (COPPS component)". The Wealth Plan total is around 15K and the WPC around 10K. My question is does that means I have 25K... OR is the "COPPS component" a PART of the overall? (i.e. I have 15K)?

The plan had a non-protected rights segment (built up from your contributions) and a protected rights segment (from contracting out of SERPS).   When contracting out was abolished, many old plans couldn't combine the two segments as they were hard coded in the software.   So,they remain to this day as two segments that are separate that you add together.

Valengo2

I recently found some paperwork which reminded me that I had opted out of Serps Some 35 years ago. I was told recently that I could claim this money back now. So I contacted reassure who said yes I was able to claim this money back and they emailed me various forms to fill out which I have done, it’s not a large sum of monies, but it would be very nice, until my state pension kicks in in a few years time. But no one at reassure has said how long this process takes before the money appears in my bank. It was a wealth plan copps component, whatever that means. It has been several weeks now since I filled out these forms and sent them back To reassure. Does anybody have any ideas how long this process takes many thanks.

dunstonh

 But no one at reassure has said how long this process takes before the money appears in my bank.

What method are you using to draw on the pension?  I am guessing UFPLS or Small Pots rule?

It has been several weeks now since I filled out these forms and sent them back To reassure. Does anybody have any ideas how long this process takes many thanks.

Being a legacy plan using paper method with a closed book provider, you would probably talking up to 6 weeks 

Valengo2

Small pots rule

JaxJas01

I started a wealth plan with General Portfolio in 1989 and I paid into it for a few years, but things happened and I forgot all about it until recently finding the paperwork. I believe that G.P. are no longer trading but wondered who would’ve taken them over, and if there was a chance I could get back what I paid in. Thank you for reading and I look forward to any comments and advice.

Marcon

JaxJas01 said:

I started a wealth plan with General Portfolio in 1989 and I paid into it for a few years, but things happened and I forgot all about it until recently finding the paperwork. I believe that G.P. are no longer trading but wondered who would’ve taken them over, and if there was a chance I could get back what I paid in. Thank you for reading and I look forward to any comments and advice.

General Portfolio Life Insurance PLC became GAN Life & Pensions PLC, and then Windsor Life Assurance Company Limited, and then Reassure Limited.

You don't 'get back what you paid in' - you can withdraw whatever the current pot value is (normally you need to be at least 55); 25% is tax free, the rest is taxable at your marginal rate. With luck it'll be rather better than the amount you paid in.

The Association of British Insurers has a helpful list of 'who took over whom': https://www.abi.org.uk/data-and-resources/tools-and-resources/find-lost-pension/