Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Cotta
    • By Cotta 7th Aug 17, 11:22 AM
    • 2,436Posts
    • 967Thanks
    Cotta
    Transfer Nightmare
    • #1
    • 7th Aug 17, 11:22 AM
    Transfer Nightmare 7th Aug 17 at 11:22 AM
    Hi All,

    I have a very small pension of around £7k from my first every employment and I opted to transfer this into my current employer's pension pot.

    The process from my existing provider was marketed as being very easy and straightforward with everything being wrapped up within 30 working days. Almost one year later it is just about to happen, both sides have been extremely poor in dealing effectively with this and I have had to be very hands on in pushing both sides over the past two months to get us to this point.

    I have advised both parties of significant failures, e.g. my new provider was not doing anything as they were waiting on documentation from my existing provider. When I contacted my existing provider they were missing documents from my new provider so they were not doing anything. This has been the case for many months with things like this happening.

    My question is, am I entitled to ask for some compensation from both parties for these delays or it this out of the question?
Page 1
    • Ganga
    • By Ganga 7th Aug 17, 1:02 PM
    • 710 Posts
    • 338 Thanks
    Ganga
    • #2
    • 7th Aug 17, 1:02 PM
    • #2
    • 7th Aug 17, 1:02 PM
    Hi All,

    I have a very small pension of around £7k from my first every employment and I opted to transfer this into my current employer's pension pot.

    The process from my existing provider was marketed as being very easy and straightforward with everything being wrapped up within 30 working days. Almost one year later it is just about to happen, both sides have been extremely poor in dealing effectively with this and I have had to be very hands on in pushing both sides over the past two months to get us to this point.

    I have advised both parties of significant failures, e.g. my new provider was not doing anything as they were waiting on documentation from my existing provider. When I contacted my existing provider they were missing documents from my new provider so they were not doing anything. This has been the case for many months with things like this happening.

    My question is, am I entitled to ask for some compensation from both parties for these delays or it this out of the question?
    Originally posted by Cotta
    The party holding the pension at the moment must be investing the approx £7000 so hopefully it is growing in value,if so they would not owe you any compensation exept for your time and trouble contacting them.
    ITS NOT EASY TO GET EVERYTHING WRONG ,I HAVE TO WORK HARD TO DO IT!
    • Cotta
    • By Cotta 7th Aug 17, 1:53 PM
    • 2,436 Posts
    • 967 Thanks
    Cotta
    • #3
    • 7th Aug 17, 1:53 PM
    • #3
    • 7th Aug 17, 1:53 PM
    The party holding the pension at the moment must be investing the approx £7000 so hopefully it is growing in value,if so they would not owe you any compensation exept for your time and trouble contacting them.
    Originally posted by Ganga
    Thanks, it sounds unlikely that I will get anything then, I can't see them taking into consideration time and trouble contacting them.
    • dunstonh
    • By dunstonh 7th Aug 17, 2:02 PM
    • 89,453 Posts
    • 54,916 Thanks
    dunstonh
    • #4
    • 7th Aug 17, 2:02 PM
    • #4
    • 7th Aug 17, 2:02 PM
    The process from my existing provider was marketed as being very easy and straightforward with everything being wrapped up within 30 working days.
    Not sure you can call it marketed as losing business is not really marketing.

    However, the process is easy. If both schemes using OPTIONS (ORIGO) then its a matter of days. If one scheme, or both, dont use ORIGO then its paper method and can take longer. 1-3 weeks typically. If one of the schemes is an occupational pension then it can take 1-6 months.

    I have advised both parties of significant failures, e.g. my new provider was not doing anything as they were waiting on documentation from my existing provider. When I contacted my existing provider they were missing documents from my new provider so they were not doing anything. This has been the case for many months with things like this happening.
    Sounds like ORIGO was not being used here. So, that makes it a paper method.

    Did you complete the discharge forms supplied by the existing scheme?
    Did you send those discharge forms to the new scheme?

    The receiving scheme will sit there waiting for discharge forms. The original scheme wont do anything until the receiving scheme send them the completed discharge forms and extra requested info.

    If no discharge forms were sent to the receiving scheme then it can effectively pause the transfer with both sides waiting for information.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • Cotta
    • By Cotta 7th Aug 17, 2:43 PM
    • 2,436 Posts
    • 967 Thanks
    Cotta
    • #5
    • 7th Aug 17, 2:43 PM
    • #5
    • 7th Aug 17, 2:43 PM
    Not sure you can call it marketed as losing business is not really marketing.

    However, the process is easy. If both schemes using OPTIONS (ORIGO) then its a matter of days. If one scheme, or both, dont use ORIGO then its paper method and can take longer. 1-3 weeks typically. If one of the schemes is an occupational pension then it can take 1-6 months.



    Sounds like ORIGO was not being used here. So, that makes it a paper method.

    Did you complete the discharge forms supplied by the existing scheme?
    Did you send those discharge forms to the new scheme?

    The receiving scheme will sit there waiting for discharge forms. The original scheme wont do anything until the receiving scheme send them the completed discharge forms and extra requested info.

    If no discharge forms were sent to the receiving scheme then it can effectively pause the transfer with both sides waiting for information.
    Originally posted by dunstonh
    I was not involved directly until June. Until this point I was continually told that each party was awaiting feedback and there was nothing needed from me or that I could do.


    In June I really started to force the issue as it was going nowhere.
    • bigadaj
    • By bigadaj 7th Aug 17, 8:54 PM
    • 9,912 Posts
    • 6,327 Thanks
    bigadaj
    • #6
    • 7th Aug 17, 8:54 PM
    • #6
    • 7th Aug 17, 8:54 PM
    I was not involved directly until June. Until this point I was continually told that each party was awaiting feedback and there was nothing needed from me or that I could do.


    In June I really started to force the issue as it was going nowhere.
    Originally posted by Cotta
    Raise it as a formal complaint with both schemes and see how they respond.
    • dunstonh
    • By dunstonh 7th Aug 17, 9:15 PM
    • 89,453 Posts
    • 54,916 Thanks
    dunstonh
    • #7
    • 7th Aug 17, 9:15 PM
    • #7
    • 7th Aug 17, 9:15 PM
    The origo options transfer method was designed to make it quicker and easier. Where that cant be used, it falls back to a method that is little changed over the last 30 years and not at all consumer friendly. A method that was set up in the days there was virtually no DIY investing and the forms were not meant to be obtained or completed by consumers.

    In reality, probably neither were actually doing anything wrong as far as rules go. However, from a service point of view, the receiving scheme should have been more pro-active in chasing the required documentation and keeping you up-to-date. However, if the new scheme is an occupational scheme (rather than an individual or group scheme - i.e. run by a professional administrator) then they would not act in the same way a retail pension would. These are not retail products and you won't get retail levels of service with many of these.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • Cotta
    • By Cotta 8th Aug 17, 9:18 AM
    • 2,436 Posts
    • 967 Thanks
    Cotta
    • #8
    • 8th Aug 17, 9:18 AM
    • #8
    • 8th Aug 17, 9:18 AM
    Raise it as a formal complaint with both schemes and see how they respond.
    Originally posted by bigadaj
    That's how it is now. Interestingly the current holding scheme have emailed me asking for my wrapper number as they cannot find the policy which is disappointing at this very late stage.
    • xylophone
    • By xylophone 8th Aug 17, 10:02 AM
    • 22,864 Posts
    • 13,219 Thanks
    xylophone
    • #9
    • 8th Aug 17, 10:02 AM
    • #9
    • 8th Aug 17, 10:02 AM
    Interestingly the current holding scheme have emailed me asking for my wrapper number as they cannot find the policy which is disappointing at this very late stage.
    This saga seems to be a textbook demonstration of how not to manage a pension transfer.
    • Cotta
    • By Cotta 9th Aug 17, 9:51 AM
    • 2,436 Posts
    • 967 Thanks
    Cotta
    Yes the saga continues with very little progress being made, I am not sure what else I can do at present.
    • xylophone
    • By xylophone 9th Aug 17, 10:01 AM
    • 22,864 Posts
    • 13,219 Thanks
    xylophone
    https://www.pensions-ombudsman.org.uk/wp-content/uploads/Pension-complaints-leaflet-FINAL.pdf

    TPAS may help with the complaints process.


    https://www.pensionsadvisoryservice.org.uk/pension-problems
    • dunstonh
    • By dunstonh 9th Aug 17, 11:40 AM
    • 89,453 Posts
    • 54,916 Thanks
    dunstonh
    Where has it stalled?

    Did you sign the discharge forms of the old provider and send them to the new provider? (that is the most common area where a transfer will stall as I mentioned higher up)
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • Cotta
    • By Cotta 4th Sep 17, 11:34 AM
    • 2,436 Posts
    • 967 Thanks
    Cotta
    Just some feedback today. I got an official response from the pension company that I was transferring from, they have advised the transfer is now complete and have made the following points:

    1. There was a data protection breach back in January on their side that I was not informed about where some sensitive information of mine was sent to the incorrect address and has subsequently been lost. This is something I was unaware of.

    2. The company have held their hands up and said they have failed throughout the process and were unhelpful at key points.

    3. Company have admitted that almost one year is too long for a pension transfer.


    4. Company admitted to not completing forms when requested and not returning information that it was asked for.


    Company have offered me £100 compensation, is this acceptable?
    • xylophone
    • By xylophone 4th Sep 17, 12:34 PM
    • 22,864 Posts
    • 13,219 Thanks
    xylophone
    I got an official response from the pension company that I was transferring from, they have advised the transfer is now complete
    And you have checked with the receiving company? I would!


    Company have offered me £100 compensation, is this acceptable?
    Given the inefficiency, incompetence, DP breach (and only just admitted, at that), this seems to me to be an ungenerous offer.


    Have you consulted TPAS for guidance?
    • Cotta
    • By Cotta 4th Sep 17, 12:40 PM
    • 2,436 Posts
    • 967 Thanks
    Cotta
    And you have checked with the receiving company? I would!




    Given the inefficiency, incompetence, DP breach (and only just admitted, at that), this seems to me to be an ungenerous offer.


    Have you consulted TPAS for guidance?
    Originally posted by xylophone
    Just checked with my work pension pot and this sum of money has made it's way across so that part can now be closed off.
    I have an email address to provide further feedback on the amount offered but I am not sure what a suitable level of compensation would be.

    I have not went to TPAS as of yet.
    Last edited by Cotta; 04-09-2017 at 1:01 PM.
    • Cotta
    • By Cotta 5th Sep 17, 9:43 AM
    • 2,436 Posts
    • 967 Thanks
    Cotta
    I reverted back asking for an improved offer and indicating that the Data protection breach should be treated as a separate complaint.
    • dunstonh
    • By dunstonh 5th Sep 17, 11:12 AM
    • 89,453 Posts
    • 54,916 Thanks
    dunstonh
    I reverted back asking for an improved offer and indicating that the Data protection breach should be treated as a separate complaint.
    Originally posted by Cotta
    There is no reason for them to separate the data protection issue as a separate complaint. They should still address the issues whether the issue is 1 of 5 things in a single complaint or 5 individual complaints.

    There should be no change of outcome or how it is looked at.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • Cotta
    • By Cotta 5th Sep 17, 11:44 AM
    • 2,436 Posts
    • 967 Thanks
    Cotta
    There is no reason for them to separate the data protection issue as a separate complaint. They should still address the issues whether the issue is 1 of 5 things in a single complaint or 5 individual complaints.

    There should be no change of outcome or how it is looked at.
    Originally posted by dunstonh
    They will probably respond as you have.


    I just hoped that in light of the data protection violation and the fact that the response was littered with mistakes - there might be more leverage in getting them to improve upon their offer.
    • dunstonh
    • By dunstonh 5th Sep 17, 12:06 PM
    • 89,453 Posts
    • 54,916 Thanks
    dunstonh
    I just hoped that in light of the data protection violation and the fact that the response was littered with mistakes - there might be more leverage in getting them to improve upon their offer.
    one off clerical errors where there is no systemic issues are not considered a major breach. The Information commissioner doesnt fine for that sort of thing. It just reminds the firm to be more careful in future and review things to reduce the chances of it happening again. If there has been no financial loss or problems from that data being given out incorrectly then the typical award (going by the FOS publications) is £300.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • Cotta
    • By Cotta 5th Sep 17, 12:30 PM
    • 2,436 Posts
    • 967 Thanks
    Cotta
    £200 more than what I have been offered then?
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,401Posts Today

8,053Users online

Martin's Twitter
  • Shana tova umetuka - a sweet Jewish New Year to all celebrating. I won't be online the rest of t'week, as I take the time to be with family

  • Dear Steve. Please note doing a poll to ask people's opinion does not in itself imply an opinion! https://t.co/UGvWlMURxy

  • Luciana is on the advisory board of @mmhpi (we have MPs from most parties) https://t.co/n99NAxGAAQ

  • Follow Martin