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  1. #1

    Aviva and transferring a DC pot to a SIPP.

    I have recently come across a problem transferring a DC pot of money from Aviva to a SIPP. On requesting the pot valuation as an alternative to the default annuity the paperwork from Aviva states that to transfer the GBP 130,000 pot away from Aviva then the policy holder must have taken financial advice. There are no GARs or anything else associated with this policy. A similar pot with L&G has no such stipulation from the company. I have taken advice on this and it seems that Aviva insist on this even though legally the policy holder is not bound to take advice before a transfer takes place. Aviva re not budging. They will not release the pot to another provider without the policy holder proving they took advice. This seems very wrong and very unjust. The policy holder has taken quotes from a couple of local IFA firms to give advice and they want 2% of the pot for doing so. A cool GBP 2600 for simply reaffirming what the policy holder has already decided to do any way. I am very unhappy with Aviva but it seems there is little we can do.

  2. #2
    i would start with a compliant in writing using their defined process, and then if not resolved the FCA or whoever is the official body for resolving pension complaints.

    My only thought is that there must be something different about this pension to other DCs since a standard DC transfer requires no such permission, as you say.

  3. #3
    My thought also was that there must be something special about the pension. The fact that you need to ask for a valuation seems unusual, cant you see it online? Have you asked Aviva for their reason for insisting on an IFA?

    You shouldnt need to ask the current provider to transfer a standard DC pension, just get your chosen platform to transfer-in. I would have thought the recipient of a transfer is more at risk from a mis-selling accusation than the current provider.


 

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