Missing pension

VeryBusyMummyX3

Hi

Hoping someone can advise or point in a direction.

I'm dealing with my mum's affairs, she has advanced dementia, and at some stage has thrown all her papers away.

I identified that her finances just weren't adding up, she wasn't receiving what I thought she should.

Contacted Aviva as that's who the payments she does receive in her bank.

After a bit of back and forth I got info on 2 annuities.

Further info that in 2009 mum transferred approx £53,000 to Scottish Equitable (now Aegon).

Aegon are useless, took an age to verify my POA.

They have eventually come back and said, No my mum transferred from them to Aviva in 2009!

Aviva have traced as much as they can with the limited info I have.

So now there's a considerable sum missing!

Mums in residential care and I need to account for this money now I've identified she had it.

HOW?? Who do I turn to for a search?

Appreciate any advice

dunstonh

You say there are two annuities. That suggests that they were funded by multiple plans. What pensions were the source of funds for those two annuities?

Where are the annuities put in place by an IFA? That was the most common method back in 2009. IFAs typically retain files indefinitely. You can often identify the IFA used on the annuity paperwork. The annuity provider may also be able to tell you who the IFA is.

VeryBusyMummyX3

Hi, thanks for responding.

Mum used the half of dad's pension when they divorced to purchase the annuities.

She was left money by her mother and aunt, and was roughly the £53k, which Aviva say she transferred to Aegon and Aegon say she transferred to Aviva.

I've asked both to provide copies of all documentation relating to the transfers, should maybe do a FOI (?) reuest

DRS1

This may be what you mean

Subject access request - Aviva

dunstonh

She was left money by her mother and aunt, and was roughly the £53k, which Aviva say she transferred to Aegon and Aegon say she transferred to Aviva.

Are you sure it's a pension?

If she was left money by her mother and aunt, typically that would be received as cash not a pension fund. Especially in 2009, which pre-dates the changes from more recent times

xylophone

First of all, are you able to identify the exact sum received from your father's pension, the date of receipt and where this pension was held?

Was it with AVIVA? Was it in 2009? Were the annuities you have identified funded solely by the divorce settlement?

Are you saying that at more or less exactly the same time that she received the divorce settlement, she also received an inheritance from her mother and her aunt, the two totalling £53,000?

Did the bequests come from policies held with AVIVA?

If so, are you saying that the £53,000 was transferred to Scottish Equitable (AEGON) and used to purchase a third annuity that can't be traced?

VeryBusyMummyX3

https://forums.moneysavingexpert.com/discussion/comment/82055331#Comment_82055331

Thanks for responding

To be honest I really don't know at this stage.

Annuities at Aviva informed me of the transfer so I'm assuming it's a pension pot.

I've also got 6 bank accounts to sort out which I found through 'trace my account'

I've done Subject Access requests to Aviva and Aegon.… Hopefully that sheds some light

VeryBusyMummyX3

Hi

Thanks for responding

Divorce and dad's pension was 2004.

2008/9 she received this additional money, my aunt worked in insurance and pensions, she had all sorts of investments and insurance policies.

Which I think mum with a financial adviser have put together in one pot.

Hopefully the SMA request helps

Marcon

2008/9 she received this additional money, my aunt worked in insurance and pensions, she had all sorts of investments and insurance policies.

Which I think mum with a financial adviser have put together in one pot.

Given the date of your mum's inheritance, there were much tighter restrictions on who could inherit what from a DC pot. I wonder if this is actually a 'purchased life' annuity - ie one which was bought with the cash she'd inherited (as cash not 'pension')? If she used a financial adviser, that lends credence to that suggestion. If so, and Aegon/Aviva have been hunting a pension annuity, that might go some way towards explaining the issue and possibly helping to locate any 'missing' funds.

It's a very long shot, but do you have copies of your aunt's and your grandmother's wills? If not, it might be worth getting them just in case there's any mention of your aunt's investments and policies in particular - and also, if the executors are still alive and compos mentis, seeing if they have any paperwork/can recall anything helpful. https://www.gov.uk/search-will-probate

xylophone

I seem to remember a thread from some years back concerning a purchased life annuity with a fixed term.

The annuity paid an income for a set number of years and at the end of the term a lump sum.

I wonder whether your mother purchased a term product from one insurer in 2009 and later received a lump sum

which she transferred to the other insurer to purchase a similar product, finally receiving another lump sum which

she simply banked?