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Aviva Making Big Changes

Aviva has announced that it has followed in the footsteps of other insurance giants by setting out plans to split its life and GI (buildings & contents insurance etc) businesses into two distinct parts and separate from the rest of the group. This reverses an earlier decision in 2017 to consolidate both. The two new CEOs have already been appointed. Aviva say it is the first steps in making their business simpler, more competitive and more commercial.

They believe that these changes, along with the inevitable cost-cutting, will put the business on target to save £300 million a year by 2022. Unsurprisingly, job losses will also feature – A figure estimated at 1800 in their total group workforce of around 30,000.

Inevitably, many of those likely to be made redundant will be members of Aviva’s former defined benefit pension scheme (DB pension), an older style of pension that huge numbers of employers have sought to bring to an end, simply down to the cost of running these types of schemes. They are packed full of guarantees and benefits that are then immediately lost should a pension holder decide to move their fund.

For some, the thought of physically owning their own pension pot is understandably attractive, as is the thought of then being able to leave the residue of their pension to their loved ones when they pass away. However, the considerable downside is then having to pay significant initial and on-going advice charges and the real risk that at some point in the future, their fund may run dry. Neither of these is an issue for pension holders opting to remain within their DB scheme. Movers, of course, also sacrifice guaranteed future increases.

It is a difficult decision to grapple with and it is vital that all DB holders considering their options speak to a pension specialist. Only a small percentage of IFAs hold sufficient qualifications and experience to fit into this category. You should also check that they, their company or network are recorded on the FCA register

You might also want to perform some simple google searches for any negative comments or to consult the register of past Financial Ombudsman decisions.

If you have taken advice in the past to transfer away from a DB pension and are now concerned about the advice that you were given, Beat the Banks are here to help with our pension check. To find out more call 01382 200474 or text Pension to 87007

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  • Mrs C, Glasgow

    “From beginning to end, Beat the Banks have been very efficient. I am very pleased with the service from Jenna and the team. I am highly delighted and I have been recommending all of my friends.”

  • Shona, Dundee

    “Huge thank you to the team. After attempting to claim PPI myself and getting absolutely nowhere, I got Beat the Banks involved and ended up getting  £12,000. What a result. Beat the Banks made it so easy and were committed right to the end.”

  • Mr A McQuillian

    “From previous experience of PPI claim companies, I was a bit dubious if anyone could help me but I thought I would try Beat The Banks. To say I am pleased with the service and conclusion to my claim is an understatement. Beat the banks and my claim handler in particular handled all aspects of the claim from Clydesdale Bank with professionalism, courtesy, and efficiency to secure a positive result on my behalf. I would certainly recommend the services of Beat the Banks to anyone who thinks they have PPI claim, especially with the Clydesdale Bank.”

  • Mrs S, Falkirk

    “I was apprehensive about using a company to claim my PPI as I had previously responded to a “cold call” and was pestered with calls. I heard about Beat The Banks on a local radio station and because they were based in Scotland I felt comfortable approaching them. I have had a very positive experience with Beat The Banks. They are not pushy and answer any queries timeously. All the Agents I have spoken to were knowledgeable, polite and friendly. After the initial information gathering conversation, they understood my needs and just got on with my claim. No hassle. Even when it was clear that my claim was of a relatively low value they processed without delay. I would definitely recommend using Beat The Banks …. they put all the other companies out there to shame.”

  • T & A, Dundee

    “Down entirely to Mike’s hard work, we previously had a successful claim with Clydesdale Bank. Mike was convinced we had more loans with PPI and he was relentless in efforts to recover our paperwork from the bank. Finally, after many attempts, enough records were recovered to submit several claims. We have now received much more compensation, covering loans going back many, many years. If it had not been for Mike and the team at Beat the Banks this would never, ever have happened. Literally, all we did was sign our name and bank the cheque.”

  • Mrs S, Falkirk

    “I was apprehensive about using a company to claim my PPI as I had previously responded to a “cold call” and was pestered with calls. I heard about Beat The Banks on a local radio station and because they were based in Scotland I felt comfortable approaching them. I have had a very positive experience with Beat The Banks. They are not pushy and answer any queries timeously. All the Agents I have spoken to were knowledgeable, polite and friendly. After the initial information gathering conversation, they understood my needs and just got on with my claim. No hassle. Even when it was clear that my claim was of a relatively low value they processed without delay. I would definitely recommend using Beat The Banks …. they put all the other companies out there to shame.”

  • Mr & Mrs M, Shetland

    “We really appreciate the doggedness and professionalism of Jenna and the team at Beat the Banks. This is something we’d never have gotten round to doing and we’re so glad we went through the process with professionals as we’ve now had great results. Only positives have come from the experience.”

  • Mrs S, Falkirk

    “Excellent service so helpful, I received a substantial sum back that I had no idea I was due, thank you again to Beat The Banks especially to Gary who was so helpful and efficient in every way.”

  • Dave & Linda , Dundee

    “We had no paperwork but £52,500 reasons to say thank you, we are now living our Spanish dream! Exceptional service.”

  • Mr S, Dingwall

    “Have just found out I have won all my cases with the bank, going back many years and been awarded compensation of just over £15,000!”

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