Sect 32 annuity options advice please - RESOLVED

Forty45

I will be 65 in September 2025 and have a Sect 32 pension with Aviva I want to draw on then.

They've provided information recently with forms to complete and comments about options, some of which it tells me aren't available, may be available or that I should seek advice on.

I spoke to an adviser from Pense who said they couldn't help because it was a GMP pension and I needed a specially qualified adviser of which there were few.

Aviva state it's got a minimum value at retirement of £51500, transfer value of £62600 (as at 20/4/25) and my GMP is LIKELY(??) to be £2514.

I understand there are legal restrictions on what can and can't be done with this type of pension. I don't want to just get an annuity from Aviva if I can do better elsewhere. Can I ask for guidance as to what options I do have and where to contact for help exploring them please.

Marcon

Forty45 said:

I will be 65 in September 2025 and have a Sect 32 pension with Aviva I want to draw on then.

They've provided information recently with forms to complete and comments about options, some of which it tells me aren't available, may be available or that I should seek advice on.

I spoke to an adviser from Pense who said they couldn't help because it was a GMP pension and I needed a specially qualified adviser of which there were few.

Aviva state it's got a minimum value at retirement of £51500, transfer value of £62600 (as at 20/4/25) and my GMP is LIKELY(??) to be £2514.

I understand there are legal restrictions on what can and can't be done with this type of pension. I don't want to just get an annuity from Aviva if I can do better elsewhere. Can I ask for guidance as to what options I do have and where to contact for help exploring them please.

You'll need to check the terms of your own S32, but there's some good, clear general/background info here: https://gmppensions.co.uk/section-32s

xylophone

See https://www.financialadvice.net/s32_buy_out_plan/zone/1288

With regard to a transfer out, GMP is a safeguarded benefit.

https://assets.publishing.service.gov.uk/media/5a80b577ed915d74e33fbf54/pension-benefits-with-a-guarantee-factsheet-jan-2016.pdf

dunstonh

...However, if the intention is to buy an annuity and its just to see whether the open market option will improve the terms over the in-house option, then any adviser can do that.  It does not require a pension transfer specialist.

Forty45

Thank you to all who responded with advice.
I've spoken to GMP Pensions and the person was very helpful explaining options. As a result I spoke to Aviva and I'm now satisfied I'll be progressing towards a satisfactory outcome.