Our pensions company says we need financial advise before we can have the full pot

jem16

jen300 wrote: »

Apparently we have to transfer the funds elsewhere as the conditions were such that we cannot draw down money on this fund.

That is fairly normal, especially for older policies.

That's why we need a financial advisor. So we are finding out fees!

I'm afraid that's not why you need an advisor. If your pension has no guarantees attached then there is no need for an adviser and you could simply transfer the pension to a company that will allow you to draw down the fund.

That's why we asked you to phone Prudential and ask whether or not guarantees were attached.

jen300

We did and this was the answer they gave us. My husband got quite assertive but I think we have been stonewalled. So what's the next move? I think we feel very intimidated by thus

jem16

jen300 wrote: »

We did and this was the answer they gave us. My husband got quite assertive but I think we have been stonewalled. So what's the next move? I think we feel very intimidated by thus

Have you any paperwork for this pension?

If you have then read it through carefully. Then tell us the name and whether or not it mentions there being any special guarantees attached.

As to phoning the Prudential, you don't phone up and ask about transferring or cashing it in. You simply phone up and ask for details of your pension such as the name of the pension and whether or not there is a guaranteed annuity rate or any other such guarantees. They must tell you the answer to those questions as it is your policy - or at least your husband does this.

The Prudential may well be telling you the correct information and that you need an IFA but they should be able to tell you why.

greenglide

We've spoken to Royal London on the phone and there's no requirement at all for a covering letter so it looks like Key-Wealth are a bunch of chancers in the mould of PPI scammers!

They seem to be a group which is into "Wealth Management" and look to be IFAs (but based in Sunderland!!! - there is no money there!) and part of an accountancy practice.

IFAs have to do things by the book and must carry insurance for all their advice. In a case like this, for something really simple, they still have to go through the process of establishing whether the transfer is right for you. The fact that you have presented them with something so "trivial" means they still have to check.

Of course, if you were an experienced investor and knew all of the options you wouldnt have gone through them, would you?

xylophone

Have you any paperwork for this pension?

If you have then read it through carefully. Then tell us the name and whether or not it mentions there being any special guarantees attached.

See post 12.

jem16

xylophone wrote: »

See post 12.

Yes I saw your post. The OP still hasn't been able to answer the questions though.

xylophone

Sorry, I meant the OP could look at it to see whether any of the suggestions fitted?

jem16

Ah right - I'm with you now.

BiffaBeercan

greenglide wrote: »

They seem to be a group which is into "Wealth Management" and look to be IFAs (but based in Sunderland!!! - there is no money there!) and part of an accountancy practice.

IFAs have to do things by the book and must carry insurance for all their advice. In a case like this, for something really simple, they still have to go through the process of establishing whether the transfer is right for you. The fact that you have presented them with something so "trivial" means they still have to check.

Of course, if you were an experienced investor and knew all of the options you wouldnt have gone through them, would you?

Well excuse me!
We had no choice but to go through them, they were the initial contact given to my wife by her previous employer to deal with, not Royal London!
Oh, by the way, I've made quite a tidy amount through investing in shares and I live in Sunderland! Any more insults you care to throw my way?

I thought this was a friendly forum... obviously not.

dunstonh

We had no choice but to go through them, they were the initial contact given to my wife by her previous employer to deal with, not Royal London!

Actually you dont. They may have been the servicing agent for the group scheme and your employer would correctly refer you to them if you started asking questions of an advice related nature. However, you could use any advisory firm if you wished.