Defined Benefit Pension Transfer Timing

fifeken

Having obtained a CETV from my pension company, I understood I had 3 months in which to accept it (having taken advice etc) which I did.

After my acceptance, I understood they had three months to actually do the transfer. I'm not sure where I heard or read this bit, but can anyone confirm whether it's correct and if so, what steps should be taken if they don't carry it out?

They have replied to an initial query by saying it's purely down to being busy and they have re-quoted the transfer value at a (slightly) higher amount (without charge).

dunstonh

The trustees must provide the CETV within 3 months and then the member has 3 months (from a guarantee date) in which to accept. If the member does not accept within the 3 month period then the amount is not guaranteed. If the member accepts the amount, a written application must be made to the trustees and this must be paid within 6 months of the guarantee date.

With the markets around 12% off their peak and an increased CETV, that is not a bad outcome.

Are you within 6 months of the guarantee date?

fifeken

CETV supplied in January this year, guaranteed until 10/4/18. Accepted by me within that time although I can't see the exact date the IFA processed the acceptance. Looking at some of my correspondence, the Pension Specialist requested some addditional information on 19/4/18. Would that indicate they didn't respond to the administrator in time?
It appears to be beyond the 6 month period, but I may be missing some key information.