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Transfer to retirement investment fund
BIGEYE
Posts: 192 Forumite
I got a transfer value of my pension fund from a previous employer and decided that I would withdraw and invest in a retirement investment fund. Everything has been set up, and my fund is sitting with £0. Capita, who hold my pension, seem to be very reluctant to transfer my pension over. It has been 3 months now, and I've had 2 different excuses given to me.
My IFA has been trying unsuccessfully to get things moving. How long has Capita got to transfer the funds, and is there anything I can do to speed up the process?
My IFA has been trying unsuccessfully to get things moving. How long has Capita got to transfer the funds, and is there anything I can do to speed up the process?
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Comments
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The transfer must occur within 6 months of the guarantee date.
See the Appendix (below para 72) of this document:
https://www.thepensionsregulator.gov.uk/en/document-library/regulatory-guidance/db-to-dc-transfers-and-conversions0 -
Capita can be slow at transferring - I've seen transfers take 2-3 months from getting in the paperwork.
However, they've never come to me with excuses before. What are they saying is the hold up? Where are the funds going to?I am an Independent Financial Adviser. Any comments I make here are intended for information / discussion only. Nothing I post here should be construed as advice. If you are looking for individual financial advice, please contact a local Independent Financial Adviser.0 -
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I have had one ongoing since August time from NOW pensions due to various delays (it was an old scheme as our firm changed provider so no more contributions were going in). Had to send copy of P45 (we were TUPE to another firm subsequently) and sign loads of stuff often duplicate, all to release about £900 into my personal pension.
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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What are the excuses that have been given to you?
A complaint to Capita might work, but if they have valid reasons for not transferring, then complaining will be pointless.
With the stock market falling, the delay is probably working in your favour.The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.0
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