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    • legreen
    • By legreen 15th Jun 17, 6:47 PM
    • 8Posts
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    legreen
    Transfer Issues- Virgin to NEST
    • #1
    • 15th Jun 17, 6:47 PM
    Transfer Issues- Virgin to NEST 15th Jun 17 at 6:47 PM
    My employer and I used to pay into a Virgin Money Stakeholder Pension. After auto-enrolment we moved to NEST.

    I want to transfer my pot from Virgin to NEST however neither company will fill in the other's forms or accept standardised information.

    I've been going around in circles since April. Anyone got any advice as to how I can move forward?

    Thanks in advance.
Page 1
    • xylophone
    • By xylophone 15th Jun 17, 7:23 PM
    • 21,961 Posts
    • 12,660 Thanks
    xylophone
    • #2
    • 15th Jun 17, 7:23 PM
    • #2
    • 15th Jun 17, 7:23 PM
    https://www.nestpensions.org.uk/schemeweb/NestWeb/public/members/contents/transferring-your-pension-pot.html

    it appears that all that is required is that Virgin complete the NEST transfer form and send it to you once completed for you to send to NEST.

    https://uk.virginmoney.com/virgin/assets/templates/pension_tsandcs/VirginMoneyPension_tcm_tcm19-19165.pdf

    Can I transfer my Virgin Pension?
    Yes, you can do this at any time


    It seems to be Virgin that is creating the obstruction?

    Make a formal complaint - see link above.
    • legreen
    • By legreen 15th Jun 17, 7:29 PM
    • 8 Posts
    • 4 Thanks
    legreen
    • #3
    • 15th Jun 17, 7:29 PM
    • #3
    • 15th Jun 17, 7:29 PM
    I've just contacted the pension advisory service and will make a complaint to Virgin.

    They require a form to do a transfer out and NEST a form to transfer in. As neither will fill out forms I'm stuck in the middle.

    Should I be making a complaint to NEST as well?
    • xylophone
    • By xylophone 16th Jun 17, 1:03 AM
    • 21,961 Posts
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    xylophone
    • #4
    • 16th Jun 17, 1:03 AM
    • #4
    • 16th Jun 17, 1:03 AM
    They require a form to do a transfer out and NEST a form to transfer in.
    Did you follow the process outlined in the link?

    It seems that as far as Nest is concerned, all that is required is for Virgin to complete the NEST form?

    In your position, I would begin with the formal complaint to Virgin.
    • dunstonh
    • By dunstonh 16th Jun 17, 11:06 AM
    • 88,271 Posts
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    dunstonh
    • #5
    • 16th Jun 17, 11:06 AM
    • #5
    • 16th Jun 17, 11:06 AM
    I want to transfer my pot from Virgin to NEST however neither company will fill in the other's forms or accept standardised information.
    No pension companies fill in the discharge forms issued by the other provider. That is quite normal and has been this way for well over a decade.

    For those pension providers that use OPTIONS as the transfer method, it is all electronic. Indeed, discharge forms are not usually required. For those that do it by paper, each provider supplies the required data in its own format which is sufficient without the need to fill out someone elses forms manually. To help you understand it a bit better, NEST are asking Virgin to supply details about the pension by writing them onto the NEST form. Virgin are saying we dont need to write it on your form as here is all the information you need on our information sheet. Nest are saying that they are ignoring that sheet of printed text and want someone to write it in handwriting on their form.

    I have transferred a number of Virgin pensions away over the years and never had any issues. NEST on the other hand are known to be very difficult here and they are virtually unique in trying to get other pension companies to fill out forms.

    I would be complaining to NEST as they are the odd one out.
    Last edited by dunstonh; 16-06-2017 at 11:10 AM.
    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.
    • legreen
    • By legreen 22nd Jun 17, 10:30 AM
    • 8 Posts
    • 4 Thanks
    legreen
    • #6
    • 22nd Jun 17, 10:30 AM
    • #6
    • 22nd Jun 17, 10:30 AM
    Thanks for the replies.

    I have finally obtained information from Virgin (after a letter and two phone calls) that I have forwarded to NEST. Fingers crossed the transfer will proceed.

    I will be making complaints I think to both parties if it doesn't.
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