Aviva Section 32 Buy Out Policy (CAS-37372-V4C1)

Complainant: Mr Y

Complaint Topic: Benefits: refusal/failure to pay or late payment

Ref: CAS-37372-V4C1

Outcome: Not upheld

Respondent: Aviva

Type: Pension complaint or dispute

Date: 16 October 2023

Appeal: No

The complaint against Aviva is not upheld.

Mr Y has complained:

that subsequent to his request for a cash equivalent transfer value (CETV) illustration from Aviva in July 2018, Aviva provided him with conflicting and contradictory information concerning the value of his benefits in the Policy;
about the poor investment return achieved by Aviva after his benefits reached the Guaranteed Minimum Pension (GMP) target, such that he will not receive 5% increases on his pension in payment and the age-based restrictions in accessing those benefits; and
that changes to the presentation of the annual reports made identifying these issues and making comparisons more difficult.

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