Pension transfer out true potential 13 October 2018 at 12:07PM edited 30 November -1 at 1:00AM in Pensions, Annuities & Retirement Planning 16 replies 2.9K views

Sazhaz

Hi all

I decided to transfer my pension to True Potential and what a mistake that was, funds were transferred and it took 8 working days to actually get the momey into my new pension. When I asked what interest or growth it made in this time I got nothing at all as it was being processed. I’m not looking at moving it out again but somewhere I am happy with as that service is awfu and I feel like my money isn’t safe.

I’m going to see an IFA but does anyone know is there a minimum amount of time I have to keep my money in their pension before transferring back out?

luckyfool151

Are you seriously suggesting that a highly reputable FCA regulated firm is unsafe because it took 8 days to process a transfer in conjunction with whoever you were leaving? Or that there were 8 days after they definitely received the money to invest it? How do you know they had definitely received the money - did they tell you that? I can only comment from a retirement perspective when funds are OMO'd but it is also often the case that the receiving provider cannot locate the money even with the specific reference they have requested. This seems like a toys out of the pram situation.


Additionally, I suspect there might be a penalty. You are also likely to attract the money laundering eye if you were looking to switch somewhere else again so quickly.

Sazhaz

There most certaininly isn’t any ‘toys out of the pram’

My pension is £230k and I had the old provider confirm with transaction search and verification the funds were sent and they didn’t actually put the funds into my pension for a week. So my worry is what happened to those funds in that week? Who had interest or gained from investment as it wasn’t me! In the T&C’s it states funds will be placed into your pension immediately upon receipt which they failed to do. Hence my concerns.

My full transfer took 4 weeks so I’m not saying that I’m concerned as it’s a week at all. I’m concerned to where my funds have been in this time? It’s a lot of money to just be sitting around!

Alexland

I think you are overreacting - a week or two out of the market is perfectly normal when doing pension transfers which involve selling and buying back into the market.

Kit_Katt

I'd say the timeline is absolutely pretty much routine and of no concern .

Lucky if it was out last week with the sudden drop in the markets .

luckyfool151

Sazhaz wrote: »

There most certaininly isn’t any ‘toys out of the pram’

My pension is £230k and I had the old provider confirm with transaction search and verification the funds were sent and they didn’t actually put the funds into my pension for a week. So my worry is what happened to those funds in that week? Who had interest or gained from investment as it wasn’t me! In the T&C’s it states funds will be placed into your pension immediately upon receipt which they failed to do. Hence my concerns.

My full transfer took 4 weeks so I’m not saying that I’m concerned as it’s a week at all. I’m concerned to where my funds have been in this time? It’s a lot of money to just be sitting around!

So the old provider told you they sent them and from that date it was 8 days? You do know it probably took 3-5 working days to clear into the receiving provider account. I suspect they probably have a holding account for receipt of the payment too from which they then move the funds to your pension but possibly not. If you take into consideration any weekends that are non-working days then this seems 100% standard. You are definitely overreacting.

triplea35

Can't say I am particularly happy with True Potential either. My wife wanted to go into drawdown, took an age to sort telephone appointment to speak with pension adviser, and then for the forms to be sent out, signed, and returned straight back. Forms have been sent back over 10 days now and still no action on the account. Portfolio has tanked in last week!
Would it be as long if I went into drawdown online with HL Sipp ?

Sazhaz

Once again I’m not over reacting!

I paid £50 for bacs transfer so the funds were cleared and no I’m not counting weekends I’m counting working days. As an experienced bank manager I’m quiet aware of the bank clearance process and the difference between working days and weekends. Plus True state clearly in their T&cs on receipt of the cleared funds they will be invested and credited into your new pension.

Sazhaz

*CHAPS payment was paid for not BACS

billy2shots

When was the transfer completed. If it was in the last day or two you should be smiling ear to ear

TBC15

Unrealistic expectations keep calm and carry on.