Getting control over old executive pension

discotroll

Hi -

I have a (very) small amount in an old Executive Pension that I would like take as a lump sum next year but the original executor (is that the right term??) is no longer around so I need to somehow regain control over the account.

The details are that I was one of 3 company directors at the time so we each took the role of executor for another director when the pension was set up. The company folded many moons ago and I've no idea where the named executor on my pension is but, as many of you will know, a pension provider will not deal directly with the person whose pension it is on these executive pensions, only with the executor.

The provider has acknowledged that the company went into liquidation therefore there is no executor as such but I really need to somehow have someone new come in (accountant, solicitor??) and be able to get some kind of control over the pension again before next year.

Any thoughts/help would be much appreciated!

DT

xylophone

http://www.financialadvice.net/executive_pension_plans_epp/zone/647

might be worth a look.

Malthusian

I have some limited experience of EPPs but have never come across this "named executor" problem before. In my experience the trustee which controls the EPP was usually the employer. If the employer was no longer around then the pension provider would send a deed of amendment to the member which would give control to him. I'm not familiar with any rule saying that the member cannot be in control of his own EPP.

Have you rung them up and explicitly said that the employer is no longer round so you want to take control of the pension yourself? Did they say no and if so what did they suggest?

discotroll

Hi Malthusian -

Yes I know - not very customer friendly are they!

They have acknowledged that the company (and so the previous employer) have gone but (get this) I am not allowed to speak or deal with the EPP team directly, I have to phone another department, explain the situation (before they hang up on me) and make some poor gofer from a n other part of the company speak to them on my behalf. They once sent out a load of forms (years ago) to transfer the pension but these were not only stupidly complex/full of latin some were the same form sent twice! :rotfl:

Should be simple but I feel I might need some help....