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Pam J

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Review of the Aviva, Pension:

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Aviva is devaluing annuities it has bought

Aviva acquired a small annuity I had been forced to take out on a small personal pension pot with Sun Life - the law back then forced me to buy an annuity. Despite the capital value of the annuity being less than £10,000, Aviva refuses to allow me to encash it. Also, Aviva has consistently paid my annual annuity a day late, with customer service perpetually telling me I have the date wrong. Aviva has now admitted to the Ombudsman that "we always add a day". I believe they have also altered residual value calculations, so that my estate will get less than it should when I die. Essentially, by delaying payment by a day and probably taking at least a week off residual value, Aviva are diminishing the value of my annuity by at least 2.4%. I firmly believe it is illegal to change the T&Cs of an annuity already in payment, and am waiting to hear what, if anything, the Pensions Regulator will do to address Aviva's daylight robbery. The point is, if Aviva is doing this to all the annuities it has bought, it will add up to tens of millions of pounds added to Aviva's profits - and taken away from annuitants. If you are in the same position as me, make a formal complaint to the Regulator; the Ombudsman is restricted in what they can do about this blatant daylight robbery. Reviewed on: 20th June 2024

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