Pension transfer problem - advice please

Infidelus

Hi,

As per the title, I'm trying to transfer a (very small) pension between two schemes.

I worked for a company for about 8 months last year before deciding the job wasn't for me. During that time I accrued a minimal amount of pension deposits. As it seemed rather pointless keeping the money with them, I decided I'd move it to my NEST pension that I've had from various temp jobs, so I duly filled out NEST's form and forwarded it to my previous employer's scheme.

They have in turn forwarded their own form to NEST to be completed and are refusing to complete NEST's form, while at the same time NEST are refusing to complete the previous employer pension scheme.

I'm now stuck as piggy in the middle while they wave their collective genitals at each other.

Is there anything I can legally do to force them to do what I've asked of them? I don't think I'm being unreasonable and as far as I've read I'm within my rights to transfer a workplace pension of less than 2 years.

Thanks

xylophone

Is Nest willing to accept the transfer?

xylophone

https://www.nestpensions.org.uk/schemeweb/NestWeb/includes/public/docs/NEST-order-and-rules-summary,PDF.pdf

See page 5.

There's a ban on transfers into and
out of NEST except in very limited
circumstances.

We can allow certain members to
transfer into NEST what’s known
as pre-vested rights to NEST.
This means that a member can
transfer money into NEST if it
comes from an occupational
pension scheme which they
have left between three months
and two years of joining, if
their rules allow this


I have just seen the above. It appears that your transfer in fits within the rules?

If so, what exactly is the nature of the problem with the forms?

http://www.pensionsadvisoryservice.org.uk/ might help.

greenglide

The process is normally that you fill in a form giving the new scheme details of the old scheme and permission to transfer. They would then send that to the old scheme. I would not expect you to have to send the form to the old scheme.

The can get upperty over whose form to use and the losing scheme may ask you to absolve them of any future liability in the future.

Infidelus

Thanks for the replies.

I have no idea what the problem with them is, but both are demanding that THEIR form be completed.

NEST's form actually goes as far to say "It is not our policy to complete other company’s transfer forms. All the required information has been provided in our standard format below."

The other company just keep saying "It is standard industry policy that transfer agreements are completed between transferring schemes. If the above requirements cannot be met, then a transfer of your benefits will not be possible."

So I'm rather stuck as neither of them will budge. Thanks for the Pensions Advisory Service link.

xylophone

If neither will budge, transfer the tiny pension into a stakeholder?

http://www.cavendishonline.co.uk/pensions/stakeholder-and-personal-pensions/

dunstonh

They have in turn forwarded their own form to NEST to be completed and are refusing to complete NEST's form, while at the same time NEST are refusing to complete the previous employer pension scheme.

It is normal for the schemes not to fill in the forms. They all have the info on their own form which they supply assuming they are not using the options system. So, that isnt the issue as that has never held up a transfer.

The other company just keep saying "It is standard industry policy that transfer agreements are completed between transferring schemes. If the above requirements cannot be met, then a transfer of your benefits will not be possible."

Its industry standard not to fill in the forms and just supply the bits needed on their own form. In fact, a number of providers no longer issue discharge forms.

Infidelus

Unfortunately that doesn't seem to be the case here. Neither company will move forward until the other completes the form.

I don't understand why they're being so obstinate about it, but that's exactly what they're doing.

dunstonh

Unfortunately that doesn't seem to be the case here. Neither company will move forward until the other completes the form.

NEST is being the pain here. Not the other company. The receiving pension provider sends their requirements to the old one. The old one says they wont fill the forms in but here is the information required. That is the way it has been for years.

jamesd

Just be happy that this has prevented you from putting more money into NEST, where it's currently locked in until you're 55, with no ability to transfer out until then.

Infidelus

dunstonh wrote: »

NEST is being the pain here. Not the other company. The receiving pension provider sends their requirements to the old one. The old one says they wont fill the forms in but here is the information required. That is the way it has been for years.

Thanks. If I'm reading that right, then it's the other company that are being the pain as NEST are the receiving pension provider and have therefore sent their requirements form that the other company are refusing to complete.

Or am I misunderstanding?