Equitable Life with profits pension / takeover.

Pension_barred

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!

pensionpawn You sound as if you are in exactly the same situation as me. My ELAS fund dates from my employment by Orange (now EE) and is administered by Scottish Widows. I share your frustration and cannot believe that the Pension Fund Trustees and a professional Financial Services company can fail its customers so badly. Particularly when the transfer was anticipated for over 18 months. 2 months post transfer and I still have no visibility of my uplift and no access to my funds. Complaint registered with SW and Trustees.
Anyone else out there in similar situation and any suggestions as to how to bring matters to a conclusion?

ffacoffipawb

pensionpawn said:

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.

Don't bank on it!!!

maxi56

Pension_barred 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!

pensionpawn You sound as if you are in exactly the same situation as me. My ELAS fund dates from my employment by Orange (now EE) and is administered by Scottish Widows. I share your frustration and cannot believe that the Pension Fund Trustees and a professional Financial Services company can fail its customers so badly. Particularly when the transfer was anticipated for over 18 months. 2 months post transfer and I still have no visibility of my uplift and no access to my funds. Complaint registered with SW and Trustees.
Anyone else out there in similar situation and any suggestions as to how to bring matters to a conclusion?

I have an EE Pension, I am in the same position and extremely frustrated, I call SW everyday to make my feelings clear, they have sent a letter with information about the delay and the reasons.  They have also said that the trustees are looking to bring the pension into SW and they may have more news next week. Should we not have a say?
Should we be offered compensation?

I would be interested in how we can resolve this issued.
maxi

pensionpawn

I called the Pension Ombudsman today and discussed my situation. They observed that I was being played off between the two companies and suggested that I lodge an official complaint and email / write to them to serve official notice of complaint, with the complaint reference number, and officially start the clock running towards a fine. This I did and received an automated reply from Utmost stating that they are very busy and will reply in the next 2-3 weeks! I also advised them both that I have instructed my SIPP manager to request a transfer of my pension and that I expect that requested to be immediately granted and that they send me a valuation of my policy as of the end of February.

Should you wish to do the same the number for the Pension Ombudsman is 0800 917 4487.

Eldi_Dos

Could try writting to Justice Zacaroli about this to see if there is any breach of his ruling.

pensionpawn

Eldi_Dos said:

Could try writting to Justice Zacaroli about this to see if there is any breach of his ruling.

I have advised both Utmost and my administrators that I will be doing this next week. Hopefully this will progress matters before it becomes official.

pensionpawn

pensionpawn said:

Eldi_Dos said:

Could try writting to Justice Zacaroli about this to see if there is any breach of his ruling.

I have advised both Utmost and my administrators that I will be doing this next week. Hopefully this will progress matters before it becomes official.

Utmost emailed me today. They stated that their contract is with the trustees and although they hold my five figure pension they are unable / unwilling to discuss my pension with me. They directed me to the administrators / trustees who will only tell me that they have a contractual dispute with Utmost.

If anyone else is in the same position then please contact the Pensions Ombudsman so that we can get this position resolved through increasing numbers of complainants.

Joey_Soap

pensionpawn said:

pensionpawn said:

Eldi_Dos said:

Could try writting to Justice Zacaroli about this to see if there is any breach of his ruling.

I have advised both Utmost and my administrators that I will be doing this next week. Hopefully this will progress matters before it becomes official.

Utmost emailed me today. They stated that their contract is with the trustees and although they hold my five figure pension they are unable / unwilling to discuss my pension with me. They directed me to the administrators / trustees who will only tell me that they have a contractual dispute with Utmost.

If anyone else is in the same position then please contact the Pensions Ombudsman so that we can get this position resolved through increasing numbers of complainants.

I have what appears to the same problem. Could you confirm the pension administrators in your case are also Mercers please? Thank you.

JS.

pensionpawn

Joey_Soap said:

pensionpawn said:

pensionpawn said:

Eldi_Dos said:

Could try writting to Justice Zacaroli about this to see if there is any breach of his ruling.

I have advised both Utmost and my administrators that I will be doing this next week. Hopefully this will progress matters before it becomes official.

Utmost emailed me today. They stated that their contract is with the trustees and although they hold my five figure pension they are unable / unwilling to discuss my pension with me. They directed me to the administrators / trustees who will only tell me that they have a contractual dispute with Utmost.

If anyone else is in the same position then please contact the Pensions Ombudsman so that we can get this position resolved through increasing numbers of complainants.

I have what appears to the same problem. Could you confirm the pension administrators in your case are also Mercers please? Thank you.

JS.

Scottish Widows. Perhaps a dedicated thread to this particular problem is warranted so that there is a 'home' to agree co-ordinated action through the appropriate regulators?

Joey_Soap

pensionpawn said:

Joey_Soap said:

pensionpawn said:

pensionpawn said:

Eldi_Dos said:

Could try writting to Justice Zacaroli about this to see if there is any breach of his ruling.

I have advised both Utmost and my administrators that I will be doing this next week. Hopefully this will progress matters before it becomes official.

Utmost emailed me today. They stated that their contract is with the trustees and although they hold my five figure pension they are unable / unwilling to discuss my pension with me. They directed me to the administrators / trustees who will only tell me that they have a contractual dispute with Utmost.

If anyone else is in the same position then please contact the Pensions Ombudsman so that we can get this position resolved through increasing numbers of complainants.

I have what appears to the same problem. Could you confirm the pension administrators in your case are also Mercers please? Thank you.

JS.

Scottish Widows. Perhaps a dedicated thread to this particular problem is warranted so that there is a 'home' to agree co-ordinated action through the appropriate regulators?

Thanks for the reply. If I still hear nothing from Mercers this week, I feel like I have no alternative to making a formal complaint to them and following it up with the regulator if I get nowhere. I know from experience that this course of action takes ages too.
JS.