Can't transfer

andyfiggy2002

For 3 months now I have been trying to transfer 2 small pensions with Reassure (formally barclays) into NEST.
Numerous times i have sent each scheme the other companies forms but i am in a rediculus situation where nest won't proceed until they get their completed forms back from reassure FIRST & reassure wont proceed until they get their completed forms back from nest FIRST.
I have spent time, money & frustration on this but am getting nowhere & they say doing a transfer is easy, Yeh right.
Please help

Alexland

Sounds painful. Normal process is you ask the old scheme for the discharge paperwork then complete your part and post on to the gaining scheme (with any paperwork they needed you to complete) asking the new scheme to complete their part and they send discharge paperwork back to old scheme.

Alex

andyfiggy2002

EXTRACT FROM THE NEST WEBSITE

How to transfer money into NEST

We make it straightforward to combine your pots with NEST. Simply follow the steps below.

Log into your secure NEST account.Click on ‘Transfers’. From here you can request a transfer form which will be sent to you via post.When you receive the form from NEST, you’ll need to send it to your other pension provider for them to complete.When you get the form back from your other pension provider, check you’re happy with the information, sign it and post it back to NEST using the address provided on the form.NEST will then arrange to transfer your savings. We will provide you with updates during the transfer process through your secure NEST online account.

Alexland

That sounds harder than the 2 transfers I have done. I have never had to ask an old provider to complete the new providers paperwork. Its always been the other way around as the new provider is growing their assets and fees so should be being flexible and following the old providers process.

xylophone

Try a phone call to TPAS - they might be able to help with a formal complaint.

https://www.gov.uk/pensions-advisory-service

andyfiggy2002

STANDARD LETTER FROM NEST

Dear ****

Thank you for contacting NEST customer services.! You've asked us for information on your transfer in request.!! We've checked our records and can confirm that we've not received our transfer in form completed by the ceding scheme.!

We have sent them a letter on 03 October 2017 asking them to complete the transfer in form and send it to us.! You'll need to ask your ceding scheme to complete this form and return it to NEST, Nene Hall, Lynch Wood Business Park, Peterborough, PE2 6FY.!! Once we receive the completed form we'll be able to process your request further. !

andyfiggy2002

forums.moneysavingexpert.com/showthread.php?t=5665098&highlight=nest

Looks like I'm not the only one finding it impossible to transfer into NEST

andyfiggy2002

After doing a search on here its seems NEST are the only ones going against convention & demanding other schemes fill in their paper work, the problem is other schemes refuse!!!
Has anyone else managed to successfully transfer into NEST?

bigadaj

Nest is typically the basic and not very good option that employers fall into when they are too small or not organised to do something better.

What sort of sums are you talking about here, it may well be better to open your own personal pension or sipp and transfer into this, probably cheaper, certainly more investment options and likely far better service and easier.

andyfiggy2002

I have a Nest pension, also 2 with Reassure & a Standard Life group pension so 4 in total & now I'm 55 I want access to the money in all my pensions however the 3 small pot rule means I will have to consolidate & out of all these small pensions Nest is the only one that will do transfers in. The governnent only started allowing transfers into Nest in april 2017 & it shows as they don't seem to know the industry protocol for transferring in from other schemes. If they can't even do a simple transfer in what will they be like if I want to take the money out into my bank account so yes maybe looking at another scheme that knows what their doing might be the best way forward. However it seems silly to start a new scheme only to shut it down straight away, what a crazy pension system we have in the UK

NEST_Pensions

Hi,
We are sorry that you have been going round in circles with getting providers to fill in forms. If the other provider has provided you with information about your pension pot in their own format then you can send this to us. We just need to make sure that you have checked the information as part of helping you to decide whether to transfer your pension pot to NEST. We need this information along with your completed and signed NEST transfer in form to finish the process. I hope this is helpful however if you have any problems then please ring our contact centre on 0300 020 0393.