I'm in the process of transferring my Aviva New Generation Personal Pension to a SIPP with Fidelity.
Despite the name it's a former workplace pension (defined contribution/money purchase), so when it comes to ticking the boxes is this classed as a company pension or a personal pension?
I left my employer in 1999 and the scheme was previously run by Friends Provident/Friends Life. It's a group personal pension scheme: a collection of individual personal pension plans arranged by my former employer for its employees. So each pension is an individual contract between the employee and the provider. According to the terms and conditions the plan has been issued under the Aviva (No.4) Personal Pension Plan FPP.
So is this an occupational arrangement/company pension or personal pension arrangement? There's also a "don't know" option so I suppose I could tick that!
In addition, part of the declaration also asks if I have opted out of an occupational pension scheme in favour of making payments to the Fidelity SIPP. It's not really an opt out so I'm thinking "no" for this? Any thoughts?
Thanks in advance for any pointers.
It should now be classed as a personal pension. It was a group personal pension & when you left the "group" (your old employer) you drop the group part & get left with a personal pension.
Usually an occupational pension refers to a defined benefit type one. AVIVA would be able to give you a definitive answer.
SonOf Posts: 2,631 Forumite
New Generation Pension or NGP for short was a product range used by Friends Provident. So, it was a marketing name. Not a pension type.
Generically, it is a group personal pension. If Fidelity dont offer GPPP as an option then select PPP (personal pension plan)
In addition, part of the declaration also asks if I have opted out of an occupational pension scheme in favour of making payments to the Fidelity SIPP. It's not really an opt out so I'm thinking "no" for this? Any thoughts?
Opting out is black and white. You are either opting in or opting out. If you have not joined your workplace pension, if one, then you are an opt out. If you have joined then you are opted in.
It should now be classed as a personal pension. It was a group personal pension & when you left the "group" (your old employer) you drop the group part & get left with a personal pension.
Usually an occupational pension refers to a defined benefit type one. AVIVA would be able to give you a definitive answer.
New Generation Pension or NGP for short was a product range used by Friends Provident. So, it was a marketing name. Not a pension type.
Generically, it is a group personal pension. If Fidelity dont offer GPPP as an option then select PPP (personal pension plan).
The choices are 1) occupational arrangement/company pension, 2) personal pension arrangement or 3) don't know
I'll go with personal pension. Thanks.
Opting out is black and white. You are either opting in or opting out. If you have not joined your workplace pension, if one, then you are an opt out. If you have joined then you are opted in.
I didn't give enough detail here. I'm self employed so there is no workplace pension on offer. The only pension I have and still contribute to, is the one in question from 1999. The precise question is:
"Have you opted out of an occupational pension scheme or are you planning to opt out of an occupational pension scheme in favour of making payments to the Fidelity SIPP?"
As we're saying the NGPP is a personal pension, then I think I can only answer "no" to this anyway.
