HSBC Pensions Transfer to ReAssure

pnaybour

I contacted re-assure and moved my pension to merge with my Hargreaves Lansdown SIPP, the transfer was much quicker than I expected and I now have all my pension funds in one place and much better visibility of what is happening to my pension fund day to day.

DeeBrown

My first statement from ReAssure has just arrived and the funds transferred from HSBC's last statement in July are £19,000 !! LESS.
Has anyone else had this issue?

dunstonh

DeeBrown wrote: »

My first statement from ReAssure has just arrived and the funds transferred from HSBC's last statement in July are £19,000 !! LESS.
Has anyone else had this issue?

Context needed.

£19,000 less on a £40,000 fund would indicate an issue.
£19,000 less on £150,000 would not indicate an issue.

DeeBrown

£19,000 less on a £76k fund! Any advice when I phone? I have the HSBC and ReAsure statements

Linton

Does the statement give enough information to determine whether your problem is that the amount transferred was wrong or that the amount transferred was right but the value has dropped since?

What funds were your invested in?

There has been a significant market fall in the last 6 months but not, except in some higher risk areas, 30%.

neilvw

What funds are you invested in, according to the statement?

dunstonh

£19k drop on a 76k fund is possible if you are heavily equity based. FTSE is down around 18% from its high point. Some markets are worse. You are showing a 25% loss. This is why people are asking for your fund. This will allow us to see if the drop is down to investment returns.

Does your fund contain ex protected rights (from contracting out) and non-protected rights? Sometimes these get separated out and appear on the statement in different places.

Was your previous statement showing a current value and the new one showing a transfer value? (there could be a difference there)

Another that sometimes catches people out is that they are looking at the projection and not the value. Then when the assumptions on the projection change, the projected value changes. There have been a lot of changes in projection assumptions and these nearly all reduce the figures shown.

neilvw

dunstonh wrote: »

Which means nothing to you so dont worry about it.

Windsor Life's book was also bought by Reassure.

DeeBrown

The HSBC fund value on 8th July 2015 was £76k in a balanced fund.


The ReAsure statement on 13th Jan 2016 states fund at £57k (as per 8th July transfer, the letter states this) and is in a balanced pension accumulator.

GunJack

at 31 July the FTSE was at approx. 6700, now it's circa 5800, in the region of 14% lower, that'll account for a lot of the value dropping from then to now I would think...