Urgent Standard Life pension problem

AnotherJoe

devondiver wrote: »

Replies are appreciated but transfers are not the issue here.

yes they are, its an answer to what you want to achieve, but being very stubborn you seem to have decided to ignore the advice and go your own way.

No doubt you'll be on here in three months saying how awful SL are and you still have'nt got your money, when you could have got shot of them and got the money in a few weeks.

speedyrite

dunstonh wrote: »

The reason Standard Life are using their "consultants" is that your existing plan does not support the transaction you want to do. You have then decided to employ them to set up a new plan to transfer the old one into. Rather than using a third party (such as an IFA or a direct to consumer provider).

Their sales team are slow and there is no reason to use them (product isnt great, service isnt great and cost isnt great). So, use someone else.

You can actually do a DIY product transfer, from a stakeholder (an old product that doesn't support pension freedom changes) into the active money personal pension (the newer product thats does support pension freedom changes), on the SL online service website.

I did this myself about 4 months ago, having previously been down the abortive path of having to speak to one of their advisors (which required a 4 week wait for an appointment for them to phone me back! )

devondiver

Please don't mistake misunderstanding for stubbornness. Snide remarks don't help (thanks AJ).
I didn't realise that what was being implied was that I could transfer to a different provider and then get the money out before the deadline. Is it really so? What are the costs?
The pension is a 1984 Personal Pension Plan/Retirement Annuity Contract ("S226" - I believe) divided into four equal policies - ostensibly for ease of partial surrender or buying annuities. I am not trying to transfer to a different product, simply to cash 3 of the 4 policies.
If I change tack now I'm afraid I damage my chances of reclaiming my losses from SL and still miss the deadline for banking the cash.
I didn't go to an IFA because it was suggested by the PensionWise adviser that it might cost me 1.5k! which seemed a bit excessive. I'm happy to do anything I need to myself, preferably online, if some wizard can point out the wood from the trees (and isn't shy of stating the bb obvious - to some).
Speedy rite seems on track (thanks) but SL doesn't support on-line transfer from my old product (if I remember correctly - will check).
Thank you.

dunstonh

I didn't realise that what was being implied was that I could transfer to a different provider and then get the money out before the deadline. Is it really so? What are the costs?

Probably not a lot different to what the SL sales reps will charge for doing it in-house.

The pension is a 1984 Personal Pension Plan/Retirement Annuity Contract ("S226" - I believe) divided into four equal policies - ostensibly for ease of partial surrender or buying annuities. I am not trying to transfer to a different product, simply to cash 3 of the 4 policies.

A retirement annuity contract is not a personal pension. It was never designed to be encashed. The transaction you want to do is called income drawdown (flexi-access). So, you need a contract that supports that. I have yet to find a S226 RAC that does.

If I change tack now I'm afraid I damage my chances of reclaiming my losses from SL and still miss the deadline for banking the cash.

What have SL charged you so far then?

I didn't go to an IFA because it was suggested by the PensionWise adviser that it might cost me 1.5k! which seemed a bit excessive.

£1500 sounds ok. I did one for that exact price last week. However, I did another one on Monday for £500 which was an easier case. So, you should not assume that everyone will charge £1500 because one person tells you. You could phone around several local IFAs and ask. Although given where we are in the tax year and no existing relationship with an IFA, I suspect £1500 would be closer to the mark.

I'm happy to do anything I need to myself, preferably online, if some wizard can point out the wood from the trees (and isn't shy of stating the bb obvious - to some).

Use any of the DIY providers. You will need to pick the right one as part of your research.

Speedy rite seems on track (thanks) but SL doesn't support on-line transfer from my old product (if I remember correctly - will check).

Standard Life do use the options system for transfers.

devondiver

Is it really so? - that I have time to follow this route and meet my deadline (all being well)?

Is there a list of DIY providers? - and is there only one "right one"?

What is "the options system"? And how is it relevant? When I check my policies on-line there are no options. If I follow their "Access your money" button I either get erroneous figures or the message -"Unfortunately, you're not able to proceed online. Please call us to explore your retirement options". - which is where I started at the beginning of January.

AlanP_2

devondiver wrote: »

Is it really so? - that I have time to follow this route and meet my deadline (all being well)?

Is there a list of DIY providers? - and is there only one "right one"?

What is "the options system"? And how is it relevant? When I check my policies on-line there are no options. If I follow their "Access your money" button I either get erroneous figures or the message -"Unfortunately, you're not able to proceed online. Please call us to explore your retirement options". - which is where I started at the beginning of January.

Not sure about timescales but based on what others have said over how long it can take it sounds possible.

Options - mentioned earlier I think and relates to the "background settlement type" system some providers use to facilitate electronic data sharing & transfers as opposed to "snail mail".

Lots of DIY providers - see http://monevator.com/compare-uk-cheapest-online-brokers/ for comparisons and indicative charging structures. Then look at company websites re setting up what you want to do, or call them to discuss.

dunstonh

What is "the options system"? And how is it relevant?

It is the electronic system used for pension transfers. If both sides use options then the process takes days. Standard Life do use the options system. You said "SL doesn't support on-line transfer from my old product" which I read at the time to mean the options system. I now suspect you meant something different.

Is there a list of DIY providers? - and is there only one "right one"?

There is no one-size-fits-all best option. Same as any retail product.

devondiver

Just spent (wasted) ages talking with SL Customer Services and calling and holding various SL numbers with a view to looking for a speedy way to just shift it all into their 'Active Money PP'. But they are all too busy "getting training" to make money.
So now following Xylo's initial advice to go with Hargreaves. (Wish you had elaborated a bit at the time - it's often worth assuming you are talking to a congenital idiot!)
Keep you posted.

xylophone

Xylo's initial advice

A suggestion....I'm not qualified to give advice!:)

However, HL are helpful on the telephone and a relative found them efficient with a pension transfer.

devondiver

Sorry xylophone. Slip of the finger. Can't be too careful can we.
Thanks again.