UK DB pension options

[Sadim]

I returned from Scotland in late 1996. I had been a member of a DB scheme for a short while (4 years). The scheme was subsequently would up and, because of difficulties in tracing me, my part of the fund was transferred into a "non-profit deferred annuity". It has a guaranteed minimum pension of £2,012pa which is quite good given the relatively short spell of employment I had in the scheme. However, the provider, Aviva, tells me there are no options for early encashment or early retirement which I am surprised at. Has anybody across these type of annuities? If so, are there any options other than waiting until 65?

 

[jpd]

I imagine if the provider has told you, in writing, that there are no options, then I presume that's the case

A "non-profit deferred annuity" is what it says on the tin, and a "non-profit deferred annuity" is what's inside.

I suspect that when the scheme was wound up, there would have been a number of options available to you, but as you were note traceable the "non-profit deferred annuity" was taken. It's probably too late to do anything about it now

 

[Sadim]

I imagine if the provider has told you, in writing, that there are no options, then I presume that's the case

A "non-profit deferred annuity" is what it says on the tin, and a "non-profit deferred annuity" is what's inside.

I suspect that when the scheme was wound up, there would have been a number of options available to you, but as you were note traceable the "non-profit deferred annuity" was taken. It's probably too late to do anything about it now

Fair enough JPD, was just wondering had anybody come across this. In fairness, I read it like what it says on the tin... a deferred annuity. Still though, I've asked them for a policy doc over a year ago and they never sent it.

Thanks all the same.