Welcome to our blog - a mix of rants, raves and anything else we think you might find useful.

Aviva, cheque but not cheque mate

By Matt Cates, published 28 October 2017.

Being new to the Finance industry has opened my eyes to many things, I’ve learnt a lot, and still have even more to learn, but one of the most surprising issues to me is the inadequacy of Life Offices.

Recently a client of ours got in touch to say that a cheque that had arrived out of the blue from Aviva. It related to an old pension they had long since transferred and forgotten about. Aviva now realised they had got their sums wrong and undervalued his pension. All good so far!

However, the client didn’t want a cheque. Why would they? They, understandably, wanted this money back in their pension where it rightly belonged. Easily solved you would think, Aviva could cancel the cheque and transfer the value to the client’s new pension policy. Apparently not. Whilst the numerous employees I spoke seemed to understand, no solution has been offered. I have tried various approaches and each move is blocked.

The client has asked me stand down on this as the sums involved are not large but I’m not quite done with Aviva yet. We may have to accept a cheque but not this cheque. Aviva have calculated a derisory rate of interest for the lengthy period that money would have been invested. They have also made no gesture to compensate him for the loss of the tax wrapper. In other words, they have done the bear minimum.

So I am going back to them to make a general nuisance of myself and see if I can achieve a fair result for the client.

For me it is a great learning experience and I am enjoying the fact that things like this matter to Candid. We don’t just accept things as they are or do the bare minimum. Quite the opposite. I am getting a chance to run with this and to try and make a difference. It is definitely not cheque mate yet.

Ah it feels better to get that off my chest!