Pension company won't pay out

bigstevecat

Here's hoping my 1st post gets some good answers.
I have a pension with a rather large well known company. I have asked to be paid into the wife's bank account but they refuse, saying it must be my account.
I do not have a bank account and cannot get one. Why? No fixed address, no proof of address, always on the move with no friends or relatives I could use.
Any ideas?

jamesd

The standard money laundering identification checks do not work for those without a permanent address but there are alternative forms of identification that can be used in such circumstances. One approach you can take is showing letters from the pension payer saying that they want to pay your pension into the account combined with identification. That sort of thing should be enough to get you a "basic bank account" that can receive the money. You'll also need to explain why you don't have a fixed address so they can justify using the alternative methods. Some banks will just be unwilling anyway but you should find one that will accept it. The Post Office might be a good first try since it has operated a basic bank account for a while now.

bigstevecat

Thanks for the reply. I have tried lots of banks but non seem concerned and are insisting that I need an address where I can be contacted.
I am more concerned about the pension company. Are they within their rights to insist I have my own bank account?

Thrugelmir

bigstevecat wrote: »

always on the move with no friends or relatives I could use.
Any ideas?

Isn't your wife a relative?

edinburgher

Thrugelmir wrote: »

Isn't your wife a relative?

Well, that point can be debated quite fiercely, having flashbacks to an exercise on a corporate away day where my opponents tried to lynch me for suggesting so... :rotfl:

mgdavid

bigstevecat wrote: »

Thanks for the reply. I have tried lots of banks but non seem concerned and are insisting that I need an address where I can be contacted.
I am more concerned about the pension company. Are they within their rights to insist I have my own bank account?

But have you actually tried the Post Office as suggested in post #2?
I have to say that without more background information your circumstances sound peculiar to say the least. The jocular response to the question about your wife being a relative does nothing to dispel these thoughts.

Mojisola

bigstevecat wrote: »

I have a pension with a rather large well known company. I have asked to be paid into the wife's bank account but they refuse, saying it must be my account.

I do not have a bank account and cannot get one. Why? No fixed address, no proof of address, always on the move with no friends or relatives I could use.

Your wife must have a permanent address as she has a bank account so can't you give her address as yours?

Linton

One can see where the pension company's worries may come from. What happens if you pop your clogs and no-one bothers to tell them? There is no way they can check up on you.

jamesd

One reason I mentioned the Post Office is that it operates the no credit check needed Card Account for some state benefits but they also have other accounts that they may be able to open for you once you explain your circumstances at one of their bigger offices and offer them what identification you can provide. The Card Account itself can't be used for private pension payments.