Equitable Life with profits pension / takeover.

fudgecat

Mine was in an AVC administered by the Civil Service - I have not heard.  My husband had a small pension which is now administered by Utmost.  He has received regular information.  I am presuming that this is other Moneysaver`s experience?

Eldi_Dos

NHS and Teachers Schemes. Equitable Proposal Explantory Booklet B  section 56/5 on page 44 ,could explain the difficulty people are having getting information.

maxi56

pensionpawn said:

Update: There is still a 'contract issue' between Utmost (however they neither confirm or deny this) and my group scheme administered by Scottish Widows (they admit there is an issue). Long story short I (and anyone else in the group plan) can not access any information about our pension e.g. value and can't transfer it. I've just told the administrators that they are preventing me access to my money and that the situation is about to go nuclear as I want to transfer my pension and invest where I feel gains are to be made. FSA issue no doubt.

I am also thinking of talking to the FSA or the pension ombudsman.
i am fed up with having to wait for Scottish Widows to get the authority to talk to Utmost, surely I am their customer!

Joey_Soap

No change here. I still have had zero communication from Mercer (the plan administrators), or Utmost. It's now almost the end of February so these people have had two months now to tell me what has happened to my Equitable Life AVC. My only consolation is that it is a small amount of money. A disgraceful situation to be in really. I have emailed Mercer again today. Let's see if they reply.

BlondeHeadOn

I have just had a phone call with an IFA about my Equitable/Utmost pension, and am now very confused!

The background: I turned 60 last Summer which I had set as my 'pension age', but was advised to stay in EL because of the looming Utmost takeover.  So I did, and my uplift was 94% so very happy!!

I planned to start taking my pension asap, so went for the default cash investment fund for 6 months.  Today I contacted the IFA to check out the options available for me to start taking my pension.

However the IFA has just said that I should not take my pension yet - as I don't actually have to - as annuity rates are appalling at the moment for someone my age (60), so it would make more sense for me to leave it in a pension scheme until I'm 65 or really start to need it.  This has thrown me, as I was just assuming I would take it out from Utmost.  I now don't know what to do for the best.  

Is anyone else in this kind of situation?  What did you decide to do?

MissConception

BlondeHeadOn said:

I have just had a phone call with an IFA.......

You have a lot of control over your pension savings. If you don’t actually need to draw a pension then you can leave it to grow (but not in the cash fund). Phone Pensionwise to get a full explanation of your options. 

When considering where to put your fund for best returns consider the charges levied as well as past performance. 

Greatgimp

Have rates ever been not 'appalling'? Rough calculations for me are dire unless I live to be 120!

pensionpawn

pensionpawn said:

POPPYOSCAR said:

I have just taken a flexible lump sum
Ring them and ask for a form.

The money was paid into my bank account about 10 days after I returned the form.

I had just come off the phone to Utmost and my group administrators earlier this afternoon. Utmost can't act unless they receive my instruction authorised by my administrators and they advised that they are not presently communicating with Utmost. I have lodged a complaint with the administrators and advised them that they will soon receive a request from a very large pension company requesting that my funds are moved from Utmost to them. If this is denied then I / my receiving pension company will press the 'Regulators' button.

Just called the group administrators again and nothing has progressed. With markets having moved significantly south this week I am now unable to act on this, my patience (and inertia...) now exhausted I'm contacting the FCA, the media (e.g. BBC Watchdog investigative type programs) and my MP. This is a scandal. My money is being kept from me, potentially criminal activity, at beast professional practice (how did this pass scrutiny in the courts etc). Fuming, spitting feathers!

[Deleted User]

pensionpawn said:

pensionpawn said:

POPPYOSCAR said:

I have just taken a flexible lump sum
Ring them and ask for a form.

The money was paid into my bank account about 10 days after I returned the form.

I had just come off the phone to Utmost and my group administrators earlier this afternoon. Utmost can't act unless they receive my instruction authorised by my administrators and they advised that they are not presently communicating with Utmost. I have lodged a complaint with the administrators and advised them that they will soon receive a request from a very large pension company requesting that my funds are moved from Utmost to them. If this is denied then I / my receiving pension company will press the 'Regulators' button.

Just called the group administrators again and nothing has progressed. With markets having moved significantly south this week I am now unable to act on this, my patience (and inertia...) now exhausted I'm contacting the FCA, the media (e.g. BBC Watchdog investigative type programs) and my MP. This is a scandal. My money is being kept from me, potentially criminal activity, at beast professional practice (how did this pass scrutiny in the courts etc). Fuming, spitting feathers!

What used to be “with profit” will have been invested into cash-like instruments and shouldn’t have been impacted by market drops. 

pensionpawn

Deleted_User said:

pensionpawn said:

pensionpawn said:

POPPYOSCAR said:

I have just taken a flexible lump sum
Ring them and ask for a form.

The money was paid into my bank account about 10 days after I returned the form.

I had just come off the phone to Utmost and my group administrators earlier this afternoon. Utmost can't act unless they receive my instruction authorised by my administrators and they advised that they are not presently communicating with Utmost. I have lodged a complaint with the administrators and advised them that they will soon receive a request from a very large pension company requesting that my funds are moved from Utmost to them. If this is denied then I / my receiving pension company will press the 'Regulators' button.

Just called the group administrators again and nothing has progressed. With markets having moved significantly south this week I am now unable to act on this, my patience (and inertia...) now exhausted I'm contacting the FCA, the media (e.g. BBC Watchdog investigative type programs) and my MP. This is a scandal. My money is being kept from me, potentially criminal activity, at beast professional practice (how did this pass scrutiny in the courts etc). Fuming, spitting feathers!

What used to be “with profit” will have been invested into cash-like instruments and shouldn’t have been impacted by market drops. 

That is true, however I want my money out so that I can benefit from the market rising, which it will do prior to needing to access this pension fund.