Pension provider switch issues

COLOURBOUNCE

Hello, I was hoping someone might be able to give me some advice on this. I have a personal plan that is funded partly by me and matched by employer. In September I was told that all employee funds were to be switched to another provider and forms for signing will be sent out by our pension FA. I was very happy with the fund I was invested in, but was told management fees being lower at new provider plus the fact that employer contributions would have to go to new provider, switching was a 'no brainer' in the words of FA. My issue now is the funds left the old company on 11/12/14 and as of today have still not appeared in the new co. I can get little response from FA other than it was allocated on 18/12/14 but wont appear against my policy until the old company advise what my fund was? So, I have no idea where my pension pot sits, if it is invested or not, and cannot move to a plan that suits my investment risk as it appears nowhere. Any advice would be very gratefully received.

princeofpounds

When you say it has still not appeared - are you looking online realtime or at monthly statements? are you transferring fund units or as cash?

You can always call up new pension company to double-check the FA's story. It probably is nothing sinister, but clearly you should have got a better explanation.

dunstonh

My issue now is the funds left the old company on 11/12/14 and as of today have still not appeared in the new co. I can get little response from FA other than it was allocated on 18/12/14 but wont appear against my policy until the old company advise what my fund was?

I cant see the question there despite the question mark. However, the process on pension switches is that that the old provider sends the money to the new one and a selection of information on the existing plan which is required before the plan can be set up with the new provider. It sounds like the new provider hasnt had that bit yet.

Any advice would be very gratefully received.

The adviser will have chased as will the new provider. So, wait for the moment. You will be told the investment date when you get the paperwork through.

COLOURBOUNCE

Thanks for replies. I am looking online, the only money in the new fund is what has been paid since it was set up in December. I can only assume that the transaction was cash, no real detail has been provided to me on this.

jem16

COLOURBOUNCE wrote: »

Thanks for replies. I am looking online, the only money in the new fund is what has been paid since it was set up in December.

So what's the name of the new fund or are you mixing up investment fund with insurance provider?

COLOURBOUNCE

The fund has been transferred from one company to another.

jem16

COLOURBOUNCE wrote: »

The fund has been transferred from one company to another.

Do you mean your pot of money has been transferred from one company to another?

Fund is usually used to describe the actual investment made within the pension wrapper. If you do mean investment fund, that fund will have a name.

COLOURBOUNCE

Got it, I mean the pot of money has been transferred to another company. The online view I have just gives a policy number, nothing else.

jem16

COLOURBOUNCE wrote: »

Got it, I mean the pot of money has been transferred to another company. The online view I have just gives a policy number, nothing else.

Ok as dunstonh says give it a little longer as with Christmas/New Year getting in the way it might not be fully switched over yet.

gadgetmind

Pension and ISA providers always work at the speed of a striking slug, with letters written using quills having to be sent via 3rd class stagecoach.

Dunnit

The market has not been going anywhere over the past month so hopefully no downside to being out of the market.