Discretionary pensions

Wildat

I have a 1999 bonus statement from Norwich Union, it is a discretionary Pension Scheme and I have only just found the document and realised I have this.

I have been in contact with a lot of people / companies (the one who set this up is no longer trading)

I cannot find this pension, is a company able to just cancel a discretionary pension scheme.

dunstonh

You’ll need to clarify what exactly the Norwich Union document says.

In pension language, ‘discretionary’ doesn’t describe a special type of pension, but usually means that certain benefits (for example death benefits or with‑profits bonuses) are paid at the discretion of the trustees/provider within the scheme rules, rather than being fixed and guaranteed in advance.

For with‑profits plans, some bonuses are discretionary and can change over time depending on investment returns and the provider’s bonus policy.

For death benefits, ‘discretionary’ usually means the trustees choose who receives the money, guided by any nomination, which also helps keep it outside your estate for inheritance tax.

A company generally cannot just ‘cancel’ a pension that you legally own, but discretionary bonuses or non‑guaranteed features can be reduced or stopped according to the policy conditions, and schemes can wind up following set legal processes.

What have Aviva said about the plan after you contacted them?

Wildat

Aviva said they cannot find it

flaneurs_lobster

Pretty sure the "discretionary" part of the description refers to decisions about payments after death of the pensioner rather than the overall scheme.

For how long did you work for the employer in question and what age were you when you left?

Is the bonus statement addressed to you with scheme name/number or is it a more general statement about the overall scheme?

Norwich Union rebranded as Avivia, have you contacted them?

Tried the Government pension finder? https://www.gov.uk/find-pension-contact-details

Wildat

it is a with profits benefit

DRS1

Does the paper you have found give a scheme number (and/or a membership number). Did you give that to Aviva when you called them? There are different bits of Aviva and they can't all see all the pensions Aviva operate but if it was a Norwich Union scheme you would expect the main office in Norwich would be able to access the records.

Is it possible that when you changed jobs you transferred this Norwich Union scheme to the scheme of your new employer?

Wildat

yes I gave them the membership number, I never took it to my next job, I didn’t even know I had it, also I was made redundant (pushed out, made my post redundant)

Wildat

I will try the other branches of Aviva tho thank you

dunstonh

yes I gave them the membership number,

How does the policy number start. Most CGNU plans start with one or two letters. e.g. TK, TL,PM, PP, SM etc, Some start with a single letter. Annuities started with F.

I will try the other branches of Aviva tho thank you

You don't need to try Bristol (Which is ex AXA) or Milford (which is ex Friends Provident). Ex CGNU plans are handled out of Norwich.

DRS1

When I had my 4 Aviva pensions I had to call 3 different numbers to discuss them with Aviva. Even though 3 of them were run from Norwich I had 2 different numbers for that. Unfortunately I can't find them now. They were part of the pension information when I logged into MyAviva but I guess you can't use MyAviva if they don't think you have a pension with them.

I did find this list of numbers in case it helps

" Customer service for pension plans starting TK and SP (UK):
0800 145 5744

Monday to Friday: 8:00am - 6:00pm

Weekends and bank holidays: Closed

Customer service for pension plans starting F (UK):
0345 602 9221

Monday to Friday: 8:30am - 6:00pm

Weekends and bank holidays: Closed

Customer service for pension plans starting PP, TL, SM and SQ (UK):
0800 158 3142

Monday to Friday: 8:00am - 6:00pm

Weekends and bank holidays: Closed

Customer service for pension plans starting with GS (UK):
0345 604 9915

Monday to Friday: 8:00am - 5:30pm

Weekends and bank holidays: Closed"

It is probably not complete ( I had plans starting with PS and P neither of which are mentioned there - though they were old RAC or PPS things)

Marcon

https://forums.moneysavingexpert.com/discussion/comment/81947820#Comment_81947820

How long were you employed there and how old were you when you were made redundant? How old are you now?