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  • FIRST POST
    • Cotta
    • By Cotta 7th Aug 17, 11:22 AM
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    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 3
    • atush
    • By atush 14th Sep 17, 1:34 PM
    • 16,333 Posts
    • 10,081 Thanks
    atush
    So you should look at the diffence (once you or the new company have worked that out) plus 300.

    Or if you did better than at your new company, 350-400 in total.
    • Cotta
    • By Cotta 15th Sep 17, 3:24 PM
    • 2,501 Posts
    • 987 Thanks
    Cotta
    To add to the mix the company I am transferring my pension to have offered me a goodwill gesture of £50. Not sure what do do about this at it was a little unexpected. They have said the following:


    Our team have reviewed the timeline provided to them and they are content that we followed everything in line with our procedures. They have, however, made a gesture of goodwill offer for the inconvenience of having to contact us. The amount of the offer is £50.



    • atush
    • By atush 16th Sep 17, 12:15 PM
    • 16,333 Posts
    • 10,081 Thanks
    atush
    I would accept it and look for the rest from your od provider.
    • Cotta
    • By Cotta 18th Sep 17, 10:07 AM
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    • 987 Thanks
    Cotta
    I would accept it and look for the rest from your od provider.
    Originally posted by atush
    Why would my old provider suddenly offer that?
    • Cotta
    • By Cotta 2nd Oct 17, 11:02 AM
    • 2,501 Posts
    • 987 Thanks
    Cotta
    The original pension company who delayed in sending my pension across for over one year have reneged on their original "goodwill offer" and asked me to refer this all to the ombudsman.

    They have failed to give me the details as to how to do this, can anyone advise?
    • atush
    • By atush 2nd Oct 17, 12:10 PM
    • 16,333 Posts
    • 10,081 Thanks
    atush
    Why would my old provider suddenly offer that?
    Originally posted by Cotta
    Because i thought your problem was with the old provider?
    • atush
    • By atush 2nd Oct 17, 12:12 PM
    • 16,333 Posts
    • 10,081 Thanks
    atush
    The original pension company who delayed in sending my pension across for over one year have reneged on their original "goodwill offer" and asked me to refer this all to the ombudsman.

    They have failed to give me the details as to how to do this, can anyone advise?
    Originally posted by Cotta
    Did you give them a deadlock letter, ie give them x days to adress your complaint? ie dont make me go back and read the old pages.

    If so, https://www.pensions-ombudsman.org.uk/
    • Cotta
    • By Cotta 2nd Oct 17, 12:30 PM
    • 2,501 Posts
    • 987 Thanks
    Cotta
    Did you give them a deadlock letter, ie give them x days to adress your complaint? ie dont make me go back and read the old pages.

    If so, https://www.pensions-ombudsman.org.uk/
    Originally posted by atush
    They originally failed to respond within the allocated eight weeks of my complaint despite me chasing them for several weeks and then advised I could send this to the ombudsman. When they did respond they advised they were not at fault and it was the receiving pension company who was and said that this should all be referred to the pension company.
    • Cotta
    • By Cotta 2nd Oct 17, 12:30 PM
    • 2,501 Posts
    • 987 Thanks
    Cotta
    Because i thought your problem was with the old provider?
    Originally posted by atush
    Incorrectly worded, the company receiving the pension offered this.
    • bigadaj
    • By bigadaj 2nd Oct 17, 3:00 PM
    • 10,694 Posts
    • 6,984 Thanks
    bigadaj
    They originally failed to respond within the allocated eight weeks of my complaint despite me chasing them for several weeks and then advised I could send this to the ombudsman. When they did respond they advised they were not at fault and it was the receiving pension company who was and said that this should all be referred to the pension company.
    Originally posted by Cotta
    It doesn't cost you anything to complain or go to the regulator, so I'd do both for each company, the worst outcome for you is a bit of wasted time and effort.
    • Cotta
    • By Cotta 2nd Oct 17, 3:23 PM
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    • 987 Thanks
    Cotta
    It doesn't cost you anything to complain or go to the regulator, so I'd do both for each company, the worst outcome for you is a bit of wasted time and effort.
    Originally posted by bigadaj
    True, I'm just a bit surprised that the original holding company who had to release the pension (Aegon), have (a) been so slow and (b) are now refuting their turnaround.
    • dunstonh
    • By dunstonh 2nd Oct 17, 3:33 PM
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    • 56,030 Thanks
    dunstonh
    It doesn't cost you anything to complain or go to the regulator, so I'd do both for each company, the worst outcome for you is a bit of wasted time and effort.
    The regulator does not handle consumer complaints. Anyone sending a complaint to them will see their complaint forwarded to the company involved.

    As the complaint has already been rejected and access to the FOS granted, then its time to go to the FOS.

    True, I'm just a bit surprised that the original holding company who had to release the pension (Aegon), have (a) been so slow and (b) are now refuting their turnaround.
    New information may have come to light that shows they were not at fault. Or maybe they have calculated the position vs what you would have been in and found you are better off and have not lost out.
    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 an Independent Financial Adviser local to you.
    • Cotta
    • By Cotta 2nd Oct 17, 10:49 PM
    • 2,501 Posts
    • 987 Thanks
    Cotta
    The regulator does not handle consumer complaints. Anyone sending a complaint to them will see their complaint forwarded to the company involved.

    As the complaint has already been rejected and access to the FOS granted, then its time to go to the FOS.



    New information may have come to light that shows they were not at fault. Or maybe they have calculated the position vs what you would have been in and found you are better off and have not lost out.
    Originally posted by dunstonh
    Who do I complain to now?
    • Cotta
    • By Cotta 3rd Oct 17, 9:31 AM
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    Cotta
    Just logged it through the pension ombudsman link below:


    https://www.pensions-ombudsman.org.uk/
    • dunstonh
    • By dunstonh 3rd Oct 17, 10:54 AM
    • 89,566 Posts
    • 56,030 Thanks
    dunstonh
    Is it the pensions ombudsman or the financial ombudsman that you should be using?

    Rather daftly, there are two ombudsman schemes depending on what type of pension it is that you are complaining about. There is a small area of overlap in some cases where its actually possible to get both involved and sometimes they give different outcomes. However, in most areas, you have to use the right ombudsman.
    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 an Independent Financial Adviser local to you.
    • Cotta
    • By Cotta 3rd Oct 17, 10:57 AM
    • 2,501 Posts
    • 987 Thanks
    Cotta
    Is it the pensions ombudsman or the financial ombudsman that you should be using?

    Rather daftly, there are two ombudsman schemes depending on what type of pension it is that you are complaining about. There is a small area of overlap in some cases where its actually possible to get both involved and sometimes they give different outcomes. However, in most areas, you have to use the right ombudsman.
    Originally posted by dunstonh
    This one specified it was for company pension disputes where there was deadlock.
    • Cotta
    • By Cotta 9th Oct 17, 10:44 AM
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    • 987 Thanks
    Cotta
    Ombudsman has been acting on this surprisingly fast, I have only logged the complaint and already they've been in touch via phone and email with various queries.
    • Cotta
    • By Cotta 11th Oct 17, 10:42 AM
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    • 987 Thanks
    Cotta
    I spoke too soon, today I was advised that it would be months before I would know if it would be investigated and possibly years before a verdict is reached. It's little wonder companies refuse to deal with these cases and refer them to the ombudsman knowing that the long delays will put many off.
    • Cotta
    • By Cotta 31st Oct 17, 4:13 PM
    • 2,501 Posts
    • 987 Thanks
    Cotta
    Bit of an odd one today, this morning Aegon phoned me to advise that they have checked my transfer and it was completed correctly in accordance with their procedures. I refuted this and said that it was irrelevant and that the ombudsman was investigating.

    This afternoon they have called to advise that mistakes were made and an offer of £200 was made.
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