Pensionbee

ffacoffipawb

Alexland wrote: »

I assumed Pension Bee was some guy designing a website in his parents potting shed but looking at their website they now have people to make human or process errors so are going up in the world.

I would rather keep larger amounts such as pensions with established players and their fees are too high.

I have less than £1k there. Have stopped future cintributions and will move away once the tax reliefs come in.

If they cannot manage to add this, I hate to think what else they cannot cope with.

xylophone

My partner has approx £17k in their pension

With this modest amount (and modest future contributions?) might a simple stakeholder suit for the time being?

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

Alexland

Yes my wife has an Aviva stakeholder setup via Cavendish and it's low cost, very simple and as we are using an insured fund 100% FSCS protected with no upper limit. Lots of fund choice for the same fee. Same MyAviva login as her car insurance.

Still it depends on your circumstances.

Alex

ffacoffipawb

Just to finish this thread I have been advised the following ...

I was informed that your September contribution top up will be received on 21/12/2018. October will be received in January.

Indeed the HMRC are having some processing issues and delays recently, but they always pay customers.

We are in communication with them as well as trying to see how we can help them speed up their process.

Thank you for bringing this to my attention and we will keep co-operating with the HMRC to resolve this issue.

So the tax relief is 2 months later than they state on their website, not sure why the delay, Hargreaves Lansdown receive the relief by the 21st of the following month and not a further 2 months later. Not sure this is HMRC's fault. Very odd.

Asghar

ffacoffipawb wrote: »

We’ll apply for tax relief on 15th of the month, on any contributions received by the 5th of the same month. HMRC will then usually pay this to us by the 21st of the next month, and your balance should be updated by the 28th of the month.

Example 1: For a contribution of £100 received on or before 05/10, tax relief will be requested on 15/10. We would expect to receive funds from HMRC on 21/11. Your balance should then be updated with your £20 around 28/11. (Total processing time of around 8 weeks)

Their example is wrong because it is giving you miss information. The cut off for tax relief to be received on 21/11 is actually midnight 05/10, this is when it has to be requested from HMRC.

If they apply for tax relief on 15/10, then HMRC will lump it together with the cut off for 05/11 and you will receive it the following month, which is 21/12.

Also with Hargreaves the tax relief is showing in the account on the 21st and is invested the next day. What do pension bee do with the money for seven days?

ffacoffipawb wrote: »

I was informed that your September contribution top up will be received on 21/12/2018. October will be received in January.

Indeed the HMRC are having some processing issues and delays recently, but they always pay customers.

We are in communication with them as well as trying to see how we can help them speed up their process.

Thank you for bringing this to my attention and we will keep co-operating with the HMRC to resolve this issue.

So the tax relief is 2 months later than they state on their website, not sure why the delay, Hargreaves Lansdown receive the relief by the 21st of the following month and not a further 2 months later. Not sure this is HMRC's fault. Very odd.

HMRC are not having processing issues, I have been receiving my tax relief from Hargreaves on time. They are either lying to you or have no idea about the cut off times and how the process for tax relief works.

If you invest money by the 5th of the month then you should receive the tax relief on 21st of the following month. Just over 6 weeks, which is the shortest waiting time.

Obviously if you invest on the 6th then it won't by claimed from HMRC till the 5th of the following month and received the month after that (after 11 weeks, which is the maximum waiting time).

That is how every platform I have come across operates. The cut off for HMRC is the 5th of every month and the platforms request the tax relief on the 5th, for everything contributed from the 6th of the previous month.

If pension bee request the tax relief on the 15th then they are out of sync and the late tax relief is completely the fault of pension bee, not HMRC. Seem to be a mickey mouse company and are treating their customers as mugs.

ffacoffipawb

ffacoffipawb wrote: »

Just to finish this thread I have been advised the following ...

I was informed that your September contribution top up will be received on 21/12/2018. October will be received in January.

Indeed the HMRC are having some processing issues and delays recently, but they always pay customers.

We are in communication with them as well as trying to see how we can help them speed up their process.

Thank you for bringing this to my attention and we will keep co-operating with the HMRC to resolve this issue.

So the tax relief is 2 months later than they state on their website, not sure why the delay, Hargreaves Lansdown receive the relief by the 21st of the following month and not a further 2 months later. Not sure this is HMRC's fault. Very odd.

Just to follow this thread, I can confirm that the tax relief for the September 1st contribution and stated to arrive on December 21st has still not appeared as at December 31st. It is still pending like the tax relief for October, November and December.

When all these appear, I am transferring elsewhere. This appears to be rather a mickey mouse outfit.

The following message appears when you log in ...

Festive period maintenance: we won't be processing transfers, contributions and withdrawals from 19 December 2018 until 1 January 2019. Our normal service will be buzzing again from 2 January 2019. Festive greetings from the team at PensionBee!

They like their long holidays obviously, lol.

bendoscopy

What’s your hurry? If it takes two months, four months, six months... who cares? It’s a pension – an incredibly long term investment. You chose a fintech startup to manage your pension so of course they’re a smaller team who may move slower than the likes or Hargreaves Lansdown.

dunstonh

What’s your hurry? If it takes two months, four months, six months... who cares?

Who cares? Everyone should. Money late to your pension misses out on investment returns. Many years ago, the Lang Cat did a report on it using the same investments without prefunding and the lack of prefunding cost around 0.1% a year lower.

The longer it takes to arrive, the lower your returns will be. 0.1% is not much but in this era when people will move providers for 0.01%, it is a lot. So a delay due no prefunding is one thing but a further delay for it being done late just compounds that.

You chose a fintech startup to manage your pension so of course they’re a smaller team who may move slower than the likes or Hargreaves Lansdown.

Yes, you are talking two extremes. Although HL do not prefund tax relief either. But they do get the tax relief in good time.

Alexland

dunstonh wrote: »

Many years ago

Were the dinosaurs around in 2014? But I agree with your point :-)

https://www.langcatfinancial.co.uk/product/platform-prefunding/

Roland_Flagg

I'm thinking of putting a couple of old work pensions into PensionBee.

Are there any negatives to doing this?

Also, if anyone wants to provide me with their personal link then we get a bit of money each.