Pension in limbo.

dgbshifnal

I (well my IFA) has sent off the forms to crystallise (is that right?) my pension with the managers of my former employer's scheme managers.
I have subsequently been informed that the company has changed managers and everything is being transferred. The original managers now don't want to know; the new managers have "frozen" all transactions until a future date, probably 6-8 weeks until they have completed whatever they need to do.
Thus I now have no pension, no idea what the eventual value will be due to market volatility and no idea how long I will have to wait.
My IFA is hopping, but has consulted compliance who say the new managers can do what they like.
Has anyone come across anything similar?

MikeJones_2

Hi dgbshifnal,

dgbshifnal wrote: »

I (well my IFA) has sent off the forms to crystallise (is that right?) my pension with the managers of my former employer's scheme managers.

So we are clear, what do YOU mean when you say crystallise (e.g. do you mean start to take some/all of your pension benefit - or do you mean transfer your pension to another registered pension scheme)?

Mike

I work in the field of Pension Education and Pension Guidance in the UK. I am a current member of the Specialist Pensions Forum as well as being a Voluntary Adviser for The Pensions Advisory Service. I work with scheme members, employers, trustees, scheme administrators and advisers on most things to do with employer sponsored pension schemes. The views expressed by me in this thread are my personal opinions. You should seek professional advice from an appropriately experienced and qualified adviser. I am not an IFA.

dgbshifnal

Applied to transfer funds to a drawdown scheme and to take a lump sum.

MikeJones_2

Hi dgbshifnal,

Assuming that your pension is a money purchase arrangement, then unfortunately delays in transferring such pensions are commonplace.

You would be wise to record all correspondence and timescales in the event that you are forced to make a formal complaint.

These articles might enlighten you:
ABI to bring annuity transfer times down to 30 days (Money Marketing)

Windsor under fire over pension transfer delays (FTAdvisor)

Annuity transfer delays 'could cost £10,000' (London Stock Exchange)

If a formal complaint fails, consider using The Pensions Advisory Service. It's a free dispute resolution service.

Hope that helps.

Mike

I work in the field of Pension Education and Pension Guidance in the UK. I am a current member of the Specialist Pensions Forum as well as being a Voluntary Adviser for The Pensions Advisory Service. I work with scheme members, employers, trustees, scheme administrators and advisers on most things to do with employer sponsored pension schemes. The views expressed by me in this thread are my personal opinions. You should seek professional advice from an appropriately experienced and qualified adviser. I am not an IFA.