Equitable Life with profits pension / takeover.

pafpcg

pensionpawn wrote: »

Looking at the Equitable Life website today and it's all change

And for all of us transferring from Equitable to Utmost, we'll be known as "Heritage Equitable Life customers".

Makes us sound even older!

Scot_39

OK - can someone explain what is going on with the fund choices at Utmost.

There is a list under the new sections for ex EL customers.
https://www.utmost.co.uk/investment-funds/fund-information-heritage-equitable-life-joining-utmost-1-january-2020/

Many of these appear to be linked directly to legacy ASI fund fact sheets - rather than the JPM based funds I thought were promised in the transfer information.


Are these only for unit linked transferred as unit linked ?

I had been led to believe new with profits transferred money would go to JPM funds - e.g. scheme policy booklet for self select asia was "JPM Asia Pacific Equity / ASI Asia Pacific Equity Enhanced Index" - but clicking on the above link only goes to link for old ASI performance data sheet.

Perhaps this is due to many of the JPM funds being new "utmost sub funds" of JPM generic funds.

Also makes reference to details not coming to Feb for multi-asset - seems poor - since many may have selected to place transferred funds there. Seems Utmost are still running behind the curve in terms of web updates etc.

Not been too impressed with some of my ASI unit linked funds at EL over the last couple of decades - so could be yet another reason to jump ship in the next few months - unless gets resolved.

Scot_39

As well as the AMC - looks like the old EL funds have been "costing" typically another 0.25% ( 0.01 - 0.35% - apart from property at 0.5% ) - according to the table at
https://www.utmost.co.uk/documents/133/Fund_charges_including_transaction_costs_30_09_2019_split_for_day_1_utmost_version.pdf
Here point 4 refers to existing funds at EL - so hoping full disclosue on JPM funds will appear.
However still disturbed by the confusion over JPM funds or not.

Maffo65

pafpcg wrote: »

And for all of us transferring from Equitable to Utmost, we'll be known as "Heritage Equitable Life customers".
Makes us sound even older!

Well worth it, if they stick to the projected uplift values.

pensionpawn

Does anyone know what's going on? I heard nothing from EL prior to 01/01/20 (other than here is a statement of your pension from April 2019) or Utmost since. The Utmost website offers no general info on the progress / timeline of the migration of funds, nor a portal to your policy nor info on the uplift. What is my pension currently doing (is it in cash?) I'm going to call them tomorrow however i'm not expecting to be informed!

[Deleted User]

pensionpawn wrote: »

Does anyone know what's going on? I heard nothing from EL prior to 01/01/20 (other than here is a statement of your pension from April 2019) or Utmost since. The Utmost website offers no general info on the progress / timeline of the migration of funds, nor a portal to your policy nor info on the uplift. What is my pension currently doing (is it in cash?) I'm going to call them tomorrow however i'm not expecting to be informed!

Did you make a choice of funds to put your pounds into? That’s what it is sitting in. Otherwise, I think they said they would put it into money market instruments. That’s almost cash: low risk and low growth.

They’ll tell you how much you have in a week or two.

pensionpawn

Deleted_User wrote: »

Did you make a choice of funds to put your pounds into? That’s what it is sitting in. Otherwise, I think they said they would put it into money market instruments. That’s almost cash: low risk and low growth.

They’ll tell you how much you have in a week or two.

I have had no communication, hence no choice of funds.

[Deleted User]

pensionpawn wrote: »

I have had no communication, hence no choice of funds.

Did you have EL “With profits” pension?

pafpcg

Deleted_User wrote: »

Did you make a choice of funds to put your pounds into? That’s what it is sitting in. Otherwise, I think they said they would put it into money market instruments. .....

Unless a choice has been made, funds will have been transferred from the Equitable's WithProfits fund to Utmost's "Secure Cash" fund. This is a cash-based fund that is guaranteed not to drop in value during 2020. You can check its current value on the list of funds on the Utmost website (on the list it's called "UK Secure Cash"). On 7th Jan, it rose from 1000.00p to 1000.10p!

Note: You have six months to decide where you want to place transferred funds, at that point funds will start to be moved automatically from the Secure Cash fund to other Utmost funds.

pensionpawn

Deleted_User wrote: »

Did you have EL “With profits” pension?

Yes, just under £28k. Called them today and an automated message said that they are still calculating the uplifts which will not complete until the second half of the month.