Money

‘Why is Aviva sending me three conflicting quotations for the value of my pension fund?’

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Would you be able to help me achieve a satisfactory outcome in connection with my Aviva pension?

Nearly five months ago I received a guaranteed annuity illustration informing me of the benefits I could take when I reached 65 at the end of that month.

I informed Aviva that I wished to take a tax-free lump sum of £3,606 and the reduced pension of £1,189 per annum. The retirement fund totalled £14,424.

I requested that it send the necessary paperwork. My financial adviser, who did not initiate the pension, was informed the paperwork would be received, but nine days later I was told it could not be sent out.

I then received a new quotation with the funds now at £11,548, and a further quotation two and a half weeks after that, saying the value was £11,567, with documentation to commence the pension payout.

I twice queried why there was such a vast difference in the fund value and was informed that the earlier quotation was an error. I asked it to explain in writing but never received a reply.

For its incompetence I have already received £150, which has not been cashed. Today I received a letter stating I had deferred my retirement which, of course, is nonsense.

Would you be able to sort out this long-running saga?

Jim Brewell, Lancs

You warned Aviva to sort this out or you would write to me, but it didn’t.

This concerns an Executive Flexible Pension you originally took out with Friends Life (now Aviva).

You were quoted various confusing sums including transfer values. The latter was not even relevant as you had a right to a guaranteed annuity rate, which compares very favourably with the amount a standard annuity would generate, and which could only be with Aviva.

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