Pension transfer out delays towers Watson

Hi Sarah,
I transferred out with TW during last Spring/Summer if that is recent enough. I found them very helpful and pretty fast in turning things around, even though they were very busy with all the transfer requests.

One important thing and it may be different depending what institution you work for. Are you able to go online and see your CETV numbers on a daily basis? If you can you can run the report and save it. The figures should be good for 3 months, so you should be able to choose your highest figure during that period.

Sorry, don't know or can't remember about the HMRC registration.

That's a bit hazy. There was a problem where the online system did not provide all the papers and took a bit of sorting. I remember however bar that communication was very good and things happened fairly quickly. I would say it should not take longer than 3 months. Could depend on your IFA as well and other parties, the ones who are receiving your transfer for example. Apart from the computer glitch, there was always that element of human intervention that could have been a bit quicker.
So would say 3 months as a ballpark to turn these around not gabbling further.

Sarah, I have had the same problem as you with WTW and I am fuming about it! My transfer out has been going on since November. I think it was early December when I advised them about the SIPP provider I would be using. Since then there have been various (poorly presented) forms to fill in, and during this time I've logged on to my account to note the changing status of my request. After having filled in the last set of forms the status changed to 'Waiting for information from Third Party/Other', so I enquired by phone as to precisely what they were waiting for. Their answer was that they needed validation from HMRC that my chosen SIPP was an approved scheme. You might think from this that I was proposing to transfer to some outlandish scheme offered by a little-known provider, but no, I'm transferring to one of the major players. I enquired about the turnaround time for an HMRC response - four to six weeks!!!!


"So why the hell didn't you start this process when I told you who my SIPP provider would be?" In response they waffled on about processes and procedures.

WTW are the pits! I've rarely come across such a bunch of incompetents. They insist on all communication by second class post and more often than not the call centre handler doesn't know what they are talking about. We will be well rid of them!

Sarah_c124 wrote: »

Oh nooo this is nearly the same as mine they are awful. Mines been waiting 3rd party info for 3 weeks now.

It's ridiculous that they request this now but also ask for the proof on application from the new provider as well.

I don't know anyway of getting this escalated

I was advised about the four to six week turnaround about two weeks ago, so I then got onto the pension dept. of my (former) employer, asking is there was anything they could do. They said they would look into it. Having just logged on again to the WTW website, my case is now "Being Processed", so maybe they complained on my behalf. This approach could be worth trying in your case. When all is done and dusted I will be writing to the Pension Trustees of my former employer to complain about the poor service of WTW.


It seems, from other enquiries I've made, that the HMRC check is the last hurdle, so hopefully when they complete this for your transfer it won't be too long to completion. Good luck!