Do pension providers have a time limit

retiredandskint

on how long to release pension pot to another provider. My OH has just retired and signed the release forms. He's received notification from one company but think the other company may be 'dragging their heels'.

jamesd

A few months is the normal maximum, six months is the sort of thing that is uncommonly long.

Do be sure that the OH doesn't just buy an annuity from the place where the money has been. If the OH is buying an annuity it's usually a good idea to use an IFA because an IFA will usually get a better deal. This is particularly important if there's anything in the OH's health that reduces their life expectancy, from being overweight to past heart trouble.

retiredandskint

Thanks jamesd we've used an IFA even the firm's FA seemed biased towards using the same company.

Hope it's not months correspondence has been going backwards and forwards for a month or two now.

dunstonh

on how long to release pension pot to another provider. My OH has just retired and signed the release forms. He's received notification from one company but think the other company may be 'dragging their heels'.

If the Options system is in use about 3 to 7 days. If the paper method is used then a a couple of weeks to a couple of months (the latter is where trustees have to sign the discharge form in addition to the pension holder).

Thanks jamesd we've used an IFA even the firm's FA seemed biased towards using the same company.

Interesting comment. It seems very unlikely as there is absolutely no reason for an IFA to show bias towards one company unless the research points towards it. Annuity rates are largely rate driven. You tend to use the company that comes out with the best rate (bar one or two exceptions that fail due diligence). Why do you think they were biased?

retiredandskint

dunstonh wrote: »

Interesting comment. It seems very unlikely as there is absolutely no reason for an IFA to show bias towards one company unless the research points towards it. Annuity rates are largely rate driven. You tend to use the company that comes out with the best rate (bar one or two exceptions that fail due diligence). Why do you think they were biased?

OH had four different pension pots, one with one provider and the other three with the same one. Every time we asked firm's appointed FA to amalgamate all the pension pots and get an annuity forecast all we ever got was info pointing to the one company that held the three pension pots.

We have every confidence with the IFA we have.

dunstonh

Every time we asked firm's appointed FA to amalgamate all the pension pots and get an annuity forecast all we ever got was info pointing to the one company that held the three pension pots.

Ahh. I misread your post earlier. I thought you meant IFA. Not FA. Of course, an FA would be biased to their company as they have no choice on the matter.

mania112

I've been trying to move a pension administered by Hymans Robertson since February and that is extraordinarily long... i'm on the brink of contacting someone higher up within the company - it shouldn't need to take that long.

retiredandskint

Found out today that all pension pots have now been received by OH's new pension provider. Although 3 were with the same company the largest pot was the last to be received.