Standard Life Release Pension Cash

Colin_Hughes

Hi
I've just joined so I can ask about the above.
For years I have had a very small neglected Personal Pension Plan with Standard Life.
Current Value £7453.22
What I might get back
Value £8100
Annual Pension £225

Prologue
I should have googled before approaching Standard Life, my mistake perhaps I would have done things differently. The Chancellor moved the goal posts for the pensions industry and I feel Standard Life are stretching things out as long as they can. Last Friday I tried phoning Standard Life about a 25% cash release, after about 20 minutes I got fed up. I don't like phones I like emails for record purposes.

So I emailed complaints which seems the only email address they have. I was then emailed by a member of staff. I was very surprised to learn I would have to wait in a 3 week queue and I would have to speak to one of their "business advisors" or go through an Independent Financial Advisor. So I wrote back asking them to stop wasting my time and give me my 25%. --- Bad Move.........:(

They are now ignoring my emails. I have even decided to comply with their 3 week wait staller.

I don't really need this money. I would hate to be in the position of having to have it.
Any contributions as to a way forward? Any idea when Standard Life phone queues are minimal?

Thanking anyone in advance

Colin

ScottyLP

I don't know about their phone times (although having worked in the same environment I would say avoid Mondays, and try and get in as soon as the lines open) but don't be surprised if your plan isn't able to allow you to just take the tax free cash element. Just because the government say that it is allowed, it doesn't mean that each plan is able to offer it and you may be required to perform a transfer to another plan/company that does allow it.

If it is allowed, my advice is dont commit to any sort of purchase until the money is in your account. I've known cases to take up to 12 weeks from the initial request to be paid out.

dunstonh

The Chancellor moved the goal posts for the pensions industry and I feel Standard Life are stretching things out as long as they can.

There are no goalposts moved for a trivial value pension. Standard Life are pretty effective on their administration compared to others. Yes, a slight delay during the peak period but nothing unusual.

The problem is that you are requesting something that your contract cant do. Drawdown has been available since 2006. Its not new. So, if you wanted to do drawdown, it would have been better to be in a drawdown contract.

Last Friday I tried phoning Standard Life about a 25% cash release, after about 20 minutes I got fed up. I don't like phones I like emails for record purposes.

Right. So, this indicates you wish to do pension drawdown and its probably on a contract that does not offer pension drawdown. Hence the need for a new contract.

So I emailed complaints which seems the only email address they have. I was then emailed by a member of staff. I was very surprised to learn I would have to wait in a 3 week queue and I would have to speak to one of their "business advisors" or go through an Independent Financial Advisor. So I wrote back asking them to stop wasting my time and give me my 25%. --- Bad Move.........

They cant just give you the 25%. You are asking for a feature that they dont offer. So, to offer it they need to put you on a new contract or you can use an IFA who will put you on a new contract. Their own internal sales force has a 3 week delay for servicing by the sounds of it.

I don't really need this money. I would hate to be in the position of having to have it.

So, why do you want to do drawdown if you dont need the money?

I dont personally see the point of doing drawdown onk such a small amount. With a trivial amount like that, then surely just taking it as a trivial payment is better. Or waiting until it is tax efficient to do so (in case you are still working and close to higher rate tax or already in it).

Drp8713

Im not really sure what it is you are complaining about.

All pension companies are going to be busy due to the new freedoms, 15 workings days is hardly an obscene wait.

Why woud they be stretching it out? They are an £8 billion company, who charge you what 1% a year? So over the next 3 weeks they will make an extra £4.30 from you. I dont think they will be issuing shareholders a special dividend over it.

You have said you dont need the money so why not wait patiently in the queue like everybody else. Should you get your information now in place of somebody who has quietly waited for theirs for three weeks?

Colin_Hughes

Many thanks for your replies which are noted
I've had a phone call from Standard Life late this afternoon
The conversation took about an hour.
Everything has been explained to me.
I understand what the Standard man said.
I am now happy

I will be getting my 25% cash and have agreed to a draw down policy
with regards the remaining 75%

Colin

bigadaj

Colin_Hughes wrote: »

Many thanks for your replies which are noted
I've had a phone call from Standard Life late this afternoon
The conversation took about an hour.
Everything has been explained to me.
I understand what the Standard man said.
I am now happy

I will be getting my 25% cash and have agreed to a draw down policy
with regards the remaining 75%

Colin

Good that you have discussed things with standard life but they are only one provider, they may not offer all possible options and ultimately can only tell you what they have, not what other companies may be able to offer.

You could, for example, transfer and cans in the whole amount, though would be subject to tax on the 75%, costs for doing this may be more or less than drawdown with standard life.