Vanishing pension

chiny

A couple of weeks ago, I authorised the transfer of a pension from Legal & General to Hargreaves Lansdown. Having been told "it will take 10 days", I logged on to both organisations today to find £nil in both accounts.

H-L deny everything; so I now have to contemplate ringing an 0370 (eek) number to find out what L&G have done with the money. Guess must be that L&G have commenced a transfer by the slowest means possible; cheque written on the shell of an arthritic snail perhaps.

Meanwhile, for an unknown number of days, my £££ has vanished. No wonder we all grumble about the finance sector.

brewerdave

One of my transfers to HL took ages -the money was finally sent (nearly 6 weeks after I started the process!!) on Tuesday by BACS - HL didn't credit it until the following Monday pm

Al.

Funds in flight (sounds terrifying doesn't it?) can be quite languid in their progress. For a cheaper L&G number though;

0870 010 1259 0800 3168540

Loughton_Monkey

Please have a little bit more sympathy for bankers.

Now that the PPI selling, LIBOR fixing, and money laundering scams have been blocked, they need to earn a crust somewhere.

Letting them use your money, free, for a couple of weeks is not a big price to pay. Perhaps you can try to get a bit of tax relief under the heading 'charitable donations'.

dunstonh

Guess must be that L&G have commenced a transfer by the slowest means possible; cheque written on the shell of an arthritic snail perhaps.

Dont be so quick to blame L&G. Both companies need to be on the OPTIONS system for the electronic method to be used. Legal & General use OPTIONS. I did a transfer away from HL last year and HL used a cheque. L&G dont have a lot going for them nowadays but it may not actually be them.

notbritishgas

Ringing the 0370 number will cost you the same as ringing numbers beginning 01 or 02.

Freecall

What's the downer on the 0370 number?

Any number beginning 03 will only cost the same as a local call and has to be processed at the same rate as your provider charges for standard landline calls.

In practice this means that for most people the call will be included within any package of minites they have and will therefore be at no incremental cost.

They are one of the few ways in which the regulator has managed to get rid of rip-off charges.