Aviva Share Discussion Threads

[1robbob] 10/10/2024 17:09

Yes my understanding is that for Buy-ins the Pension Fund physically pays the Pensions and administers the Funds' afairs on a Day-to-day basis
Whereas for Buy-outs, the Fund is run by the Insurnce Company

[alphorn] 10/10/2024 16:22

jtt - my understanding too. I have written in detail on the subject on my thread.
Hence my comment above that the member has no vote on a buy-out. He/she loses any claim against the sponsor, which in the case of Boots is mega because of the parent.
In my resume I then include an example where the buy-out is sliced and diced by the insurer and passed on. Shades of sub prime if it goes overseas.

[jttowler] 10/10/2024 16:14

Believe the mechanics are different for buy-ins and buy-outs. For buy-ins, the liabilities to pay pensions remain with the scheme. The scheme holds the insurance policy to fund the benefits it is due to pay. On buy-out, the liabilities transfer to the insurer. If all benefits are bought out, the scheme is typically wound up with no further liabilities due

[alphorn] 10/10/2024 16:00

'Sponsoring Company remain liable' If that was so then the sponsoring company has not offloaded any risk!!! Suggest read in depth examples like Boots plc.

[1robbob] 10/10/2024 14:23

I would have thought the principle of a Bulk Purchase Annuity by a Pension Fund was quite straight forward.

The Pension Fund purchases an Annuity which in exchange for a one-off payment guarantees to pay the Defined Pension benefits to the members covered.

The benefit to the Pension Fund and Sponsor Company is that they are no longer at risk from lower interest rates, which have the effect of ever increasing the present value of the Members future Defined Benefits

As far as the Insurance Company is concerned, they need to ensure that not only does the Up-Front Payment plus the returns on that amount over time cover the Defined Benefits covered, but that they do so with a margin of Profit

The BPA transaction itself in no way effects the Benefits of the Members. Should the Insurance Company fail, The Pension Fund and Sponsoring Company remain liable to the Members

[alphorn] 10/10/2024 10:38

Is the cover the same - that is the question. (refer my lengthy posts on the subject if interested).

[cardinal3] 09/10/2024 20:14

Alphorn

I would imagine so long as the scheme benefits are the same it should be OK. The risk is passed to the likes of Aviva who can cope with massive market fluctuations, hopefully. I would prefer my pension to be hedged with the likes of Aviva if I am a Bloggs & Co Limited prospective pensioner.

[alphorn] 09/10/2024 17:10

'offload pensions risk'. What do the members think about that?

[cyberian] 09/10/2024 12:00

KBW (Keefe Bruyette & Woods are a tad cautious on 1h results being partly effected by storm damage claims in Canada but retain their market perform with a price target of 495p. Hopefully such claims are set against higher premiums and other financial related activities which according to KBW have grown.

[rongetsrich] 08/10/2024 18:38

1rob, the infiltration is by the good old boys that don't get the off-side rule??

[1robbob] 08/10/2024 13:07

I appreciate that there isn't anything AV sharewise to chat about at the present
...But have I missed something, has this page been converted to a Consumer Help Page !!!!

[dr biotech] 08/10/2024 12:10

I’ve found the same. I’m guessing it must be centralised as they don’t even ask for my previous insurer. Makes sense when handling claims too, easier to spot the frauds.

Seems that most have given up on negotiating too. Take the price or leave. Probably better that way.

[spawny100] 08/10/2024 11:19

I haven't been asked about proof of no claims for years now and I switch almost every year. I think it's all pretty centralised info for all the insurers?

[fludde] 08/10/2024 10:59

Strangely Aviva was my cheapest car insurance quote this year, first time ever. But Hastings came down close to it and I stayed with them as I couldn't be bothered with the no claims proof and all that jazz.

[smurfy2001] 08/10/2024 10:52

Move could unlock up to £57bn in additional spending on infrastructure in October’s budget

[spawny100] 08/10/2024 09:41

Yes. I always renew over 3 weeks before it's due.

[skinny] 08/10/2024 09:39

I will do - this from Money Saving Expert :-

"The cheapest time to get quotes is 20 to 27 days ahead of your renewal date – cover becomes more expensive the closer you get. It's the same if you are buying car insurance for the first time."

[spawny100] 08/10/2024 09:36

Seriously use Quidco compare car insurance guys. I'm an insurance switching tart with years of experience of getting the cheapest deals through comparison sites and cashback. Quidco consistently seems to beat confused, go compare, compare the market etc etc. If you sign up with this link I get a bonus and you get a bonus. What's not to like?

[skinny] 08/10/2024 09:24

I was shocked at the hike last year - especially as I haven't claimed since @1979.

It was blatantly obvious then that Saga were no longer interested in insurance - Due I assume to them previously introducing a '3 year no increase policy', which probably came back to bite them.

[smurfy2001] 08/10/2024 09:03

I don’t think l will insure with quotemehappy l really dislike the online only method of contact and even on the phone they didn’t want to handle the windscreen replacement complaint, a service they seem to offload on the company replacing the windscreen. Nightmare. Rather pay more for the service. Disgusted Aviva shareholder.

[glasgow13] 08/10/2024 08:57

Thought Hastings was cheaper but it had no windscreen cover.

[geckotheglorious] 07/10/2024 19:15

Huncher,

"One" claim with Hastings in a year and they wont be able to quote you the following year.

Speak from personal experience.

Also "brokers" sub contracting to third party.