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Original poster

Pension help?

9 replies

Kyse · 25/04/2023 23:22

I am really clueless about them, I have a mental block and need some help!
My wage is low, and I have health issues so I'm fully expecting to work until I die basically but anyway...

Work had a pension scheme, and it got taken over by aviva
The old part of the pension is managed by equitini now and they're having issues getting me logged in so sent me an email. It says that my (name of scheme) lump sum is £x amount (under 10k) and that's all they've sent. So does that just sit there as a lump sum or..? I'm sure it's a defined benefit one but don't quote me on that!

Now I'm with aviva flexible retirement account it says which is a defined contribution one from what I can see, I pay 5% and work match it and they've sent a prediction so I understand that it's shit

I'm just confused about the old one and don't get any paperwork etc because it says it's deferred (38, not retiring soon!) and they can't fix my log in Hmm

OP posts:
LucifersLight · 26/04/2023 00:59

Does it say “lump sum” or “tax free lump sum”?

It sounds like it might be £x lump sum tax free (25%) and the other 75% of the “pot” would provide an income?

Mindymomo · 26/04/2023 07:29

I’ve got 2 policies with Aviva, both were taken over by previous pension companies. One I can look at online, but the other I cannot as it’s a different scheme. They said years ago it would get added, but it’s not been. I do get a statement every year and it does increase without me putting any money into it.

Original poster
Kyse · 26/04/2023 07:44

LucifersLight · 26/04/2023 00:59

Does it say “lump sum” or “tax free lump sum”?

It sounds like it might be £x lump sum tax free (25%) and the other 75% of the “pot” would provide an income?

Lump sum

OP posts:
ChessieFL · 26/04/2023 09:53

You need to go back to Equiniti and ask for clarification of what that figure means.

If it’s a defined benefit scheme, you will be entitled to an annual pension and (in some schemes) an automatic lump sum (in schemes where there isn’t an automatic lump sum there’s usually the option to give up some of the pension to get a lump sum). So it would be unusual to quote a lump sum in isolation without saying what the annual pension is.

It’s possible that the £10k is the overall value of your benefits (unlikely) or the transfer value but I wouldn’t expect them to have quoted these unless you asked for them so I agree with pp that it’s likely to be the tax-free lump sum you’re entitled to, but ask them to confirm (and also tell you what the annual pension is).

However you don’t sound absolutely sure that it is a defined benefit scheme so check that too - if it is actually a defined contribution scheme the £10k might just be the size of your pot.

Bonbon21 · 26/04/2023 10:01

Just because they can't get you logged in to THEIR system doesnt mean they can avoid communicating with you!
Email back and TELL them you want full details of your pension held with them.. IN WRITING.
And that you expect THEIR difficulties with THEIR system to be sorted out so you can access information about YOUR pension!!
If you have questions about either pensions ask away here or on MSE pensions forum..
This is YOUR money!!
PS.. sorry for the capitals... things like this just piss me off...NOT you...them!!😉

Original poster
Kyse · 26/04/2023 10:21

ChessieFL · 26/04/2023 09:53

You need to go back to Equiniti and ask for clarification of what that figure means.

If it’s a defined benefit scheme, you will be entitled to an annual pension and (in some schemes) an automatic lump sum (in schemes where there isn’t an automatic lump sum there’s usually the option to give up some of the pension to get a lump sum). So it would be unusual to quote a lump sum in isolation without saying what the annual pension is.

It’s possible that the £10k is the overall value of your benefits (unlikely) or the transfer value but I wouldn’t expect them to have quoted these unless you asked for them so I agree with pp that it’s likely to be the tax-free lump sum you’re entitled to, but ask them to confirm (and also tell you what the annual pension is).

However you don’t sound absolutely sure that it is a defined benefit scheme so check that too - if it is actually a defined contribution scheme the £10k might just be the size of your pot.

Scrubbed out amount and the bit before lump sum is just the name of the scheme

I've emailed them, this is about the 20th email now and it's like getting blood out of a stone. I know it's not a large amount but it's still a pension

I wasn't with them for long before that pension ended and then the new one started with aviva (who have a website that is very helpful and lets me log in!!!)

Pension help?
OP posts:
ChessieFL · 26/04/2023 10:35

I suggest going back and asking them if the lump sum is the only thing you’re entitled to or whether there’s also an annual pension, and ask for confirmation of things like when it’s payable, what conditions need to be met for it to be paid etc.

I have dealt with Equiniti before and have found that people there don’t think wider than the question they’ve been asked, so they will literally just answer the exact question they’ve been asked without providing any other useful contextual information, which is not helpful for those who don’t really understand pensions and may not be asking the right questions!

FrownedUpon · 26/04/2023 11:22

That looks like a DC scheme, not DB, so the lump sum is the total amount of the pension.

Original poster
Kyse · 04/05/2023 09:47

They finally got back to me and it's just a lump sum

OP posts:
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