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

Ombudsman’s Determination

Outcome

The complaint against Aviva is not upheld.

Complaint summary

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.