A few pension questions

peterg1965

I have just received my annual Personal Pension statement for Scottish Equitable. It gives the current value of my PP and also the transfer value which is slightly less. No where does it say that the AMC has been deducted, should this be clear or is it calculated within the value of each fund and not visible?

A further question; has a Treasury decision yet been made on the transferring of Protected Rights funds to a SIPP?

moonrakerz

I had my company pension with Scottish Equitable and retired in April of last year. Although generally happy with the performance of my investments and with the subsequent annuity purchase I have found Scottish Equitable to be less than "on the ball" in some areas.

They were very slow to actually give me a quote for an annuity when requested, over a week - every other company I approached gave a verbal quote over the 'phone with written confirmation in the next post.
I accepted their annuity and was stunned to receive confirmation of the annuity with figures over 7% less than the original quote. I complained in writing and eventually they agreed there had been "an error" and paid the original amount.

Just this morning I received my "pension forecast" from them, despite my believing that I had used all of my pension pot to purchase my annuity, it informs me that my pension fund at 31/12/06 was over £17,000 !

Now, where did I leave the Cunard brochure ?

EdInvestor

peterg1965 wrote: »

I have just received my annual Personal Pension statement for Scottish Equitable. It gives the current value of my PP and also the transfer value which is slightly less. No where does it say that the AMC has been deducted, should this be clear or is it calculated within the value of each fund and not visible?

Suggest you write and ask.

A further question; has a Treasury decision yet been made on the transferring of Protected Rights funds to a SIPP?

The Treasury is believed to think this is a Good Thing, but the actual decision lies with the Department of Work and Pensions, who are thought to be a bit miffed at the idea that all this money should no longer be part of their fiefdom.

However the Treasury has 'taken a power' in the Finance Bill to "just do it" if there is any recalcitrance beyond the end of the year, when the DWP is due to receive a report on spouse annuities and Make a Decision.

Both the pensions industry and the public at large are keen to see this change, so one hopes that the DWP will speed things up, especially after SIPPS are officially regulated next month

JoeK_3

peterg1965 wrote: »

I have just received my annual Personal Pension statement for Scottish Equitable. It gives the current value of my PP and also the transfer value which is slightly less. No where does it say that the AMC has been deducted, should this be clear or is it calculated within the value of each fund and not visible?

A further question; has a Treasury decision yet been made on the transferring of Protected Rights funds to a SIPP?

The illustration that you have received is based on the net returns to the investor and the Annual Management Charge (AMC) has already been paid.

JoeK

lswwong

Just a side comment: one of my work GPPs was with Scot Eq. I found them to be pretty sloppy. Took them a YEAR (yes, you heard it right) to provide information to my pensions adviser. My other GPP provider, Winterthur, took a couple of weeks only (still long in my view but still better than a year!).

I have since transferred the Scot Eq GPP (it was paid up when I left my last job).

peterg1965

lswwong wrote: »

Just a side comment: one of my work GPPs was with Scot Eq. I found them to be pretty sloppy. Took them a YEAR (yes, you heard it right) to provide information to my pensions adviser. My other GPP provider, Winterthur, took a couple of weeks only (still long in my view but still better than a year!).

I have since transferred the Scot Eq GPP (it was paid up when I left my last job).

I will be transferrring to HL as soon as Protected Rights funds are permitted to be invested into a SIPP. I have already experienced Scot Eq 'relaxed' style of customer service.