Equitable Life with profits pension / takeover.

BlondeHeadOn

I was expecting a statement about my Utmost pension situation in April, but haven't received one at all.  Has anyone else received a statement?  
All I've received so far has been the welcome letter with the uplift info in February (in cash account).

POPPYOSCAR

BlondeHeadOn said:

I was expecting a statement about my Utmost pension situation in April, but haven't received one at all.  Has anyone else received a statement?  
All I've received so far has been the welcome letter with the uplift info in February (in cash account).

We received ours in the post today.

Joey_Soap

BlondeHeadOn said:

I was expecting a statement about my Utmost pension situation in April, but haven't received one at all.  Has anyone else received a statement?  
All I've received so far has been the welcome letter with the uplift info in February (in cash account).

Count yourself lucky you actually got something. To this very day I can't find out how much money is in my account at Utmost. And I have applied to transfer whatever is in there.

hardshouder

Has anyone decided stay put in order to invest with Utmost ? Look like they are offering JP Morgan funds.
If they are going to make it difficult for me leave, (especially with the lockdown) I might just stay put.
Currently in the cash fund.

dave_hendy

POPPYOSCAR said:

BlondeHeadOn said:

I was expecting a statement about my Utmost pension situation in April, but haven't received one at all.  Has anyone else received a statement?  
All I've received so far has been the welcome letter with the uplift info in February (in cash account).

We received ours in the post today.

Got mine today as well 

allgreek

hardshouder said:

Has anyone decided stay put in order to invest with Utmost ? Look like they are offering JP Morgan funds.
If they are going to make it difficult for me leave, (especially with the lockdown) I might just stay put.
Currently in the cash fund.

Yes. I did a partial withdrawal in March and it was fairly easy, but that's not the same as a transfer and a withdrawal might take longer now as a consequence of lockdown.

As I don't live in the UK it's not appropriate to move elsewhere. The tax implications of a full withdrawal are unappealing. My policy is currently in the secure cash fund. Under the automatic investment option the money will be moved into the Multi-asset Cautious funds after the end of June. I believe no fund run by a large organisation will beat the market so I have to decide how I want the money invested. I'm considering asking to keep it in the secure cash fund or, if that's not possible, moving it to the Money Market funds to try limiting exposure to market volatility for the next few months.

BlondeHeadOn

hardshouder said:

Has anyone decided stay put in order to invest with Utmost ? Look like they are offering JP Morgan funds.
If they are going to make it difficult for me leave, (especially with the lockdown) I might just stay put.
Currently in the cash fund.

I'm currently thinking about this.  It looks like they will use a very low-risk investment strategy as I'm aged 60 anyway, so might be worth leaving the funds in until I'm 62?  Or not... 

I was going to take the funds out to buy an annuity or something, but that was before Coronavirus etc. - looks more difficult and pants rates now.
??

thatbrownie

So after the Equitable Life takeover by Utmost I received my Annual Statement dated 1st April 2020 today.    I do not understand how Utmost have devalued my Unit Linked fund by approx £1,000 when it is supposed to be in a secure cash investment account.

Fact Utmost's letter B sent in February 2020 stated at 1 January 2020 the Unit Linked Policy was valued at £3,369.84 and was supposed to be in a secure cash investment for 6 months according to page 5 of Utmost's PART 1:  KEY INFORMATION ABOUT YOUR INVESTMENT OPTIONS states "while in the secure cash investment the Unit price would be guaranteed not to decrease from the price at the initial investment" so why is this policy now worth £3,151.60 at 1st April 2020.

The total unit linked policy value at 1 January 2020 was £13,382.81 and if it was invested as they said they were going to in a secure cash investment it should still be that value at 1 April 2020 and not £12,230.36 as shown on the Annual Statement dated 1st April 2020

Have Utmost not invested this policy as they said they were going to or have they just taken my money because they can?  

POPPYOSCAR

thatbrownie said:

So after the Equitable Life takeover by Utmost I received my Annual Statement dated 1st April 2020 today.    I do not understand how Utmost have devalued my Unit Linked fund by approx £1,000 when it is supposed to be in a secure cash investment account.

Fact Utmost's letter B sent in February 2020 stated at 1 January 2020 the Unit Linked Policy was valued at £3,369.84 and was supposed to be in a secure cash investment for 6 months according to page 5 of Utmost's PART 1:  KEY INFORMATION ABOUT YOUR INVESTMENT OPTIONS states "while in the secure cash investment the Unit price would be guaranteed not to decrease from the price at the initial investment" so why is this policy now worth £3,151.60 at 1st April 2020.

The total unit linked policy value at 1 January 2020 was £13,382.81 and if it was invested as they said they were going to in a secure cash investment it should still be that value at 1 April 2020 and not £12,230.36 as shown on the Annual Statement dated 1st April 2020

Have Utmost not invested this policy as they said they were going to or have they just taken my money because they can?  

That sounds very odd. Are you sure you are in the secure cash fund?(i.e. what fund is it showing on your statement?)
Our statement showing investment in the secure cash fund has actually had £18 added to it.
I would ring them and ask. You may have to hold on for quite a long time  but they were very helpful to me when I rang them a couple of weeks ago about getting my form to withdraw a flexible lump sum.

woolly_wombat

thatbrownie said:

So after the Equitable Life takeover by Utmost I received my Annual Statement dated 1st April 2020 today.    I do not understand how Utmost have devalued my Unit Linked fund by approx £1,000 when it is supposed to be in a secure cash investment account.

Fact Utmost's letter B sent in February 2020 stated at 1 January 2020 the Unit Linked Policy was valued at £3,369.84 and was supposed to be in a secure cash investment for 6 months according to page 5 of Utmost's PART 1:  KEY INFORMATION ABOUT YOUR INVESTMENT OPTIONS states "while in the secure cash investment the Unit price would be guaranteed not to decrease from the price at the initial investment" so why is this policy now worth £3,151.60 at 1st April 2020.

The total unit linked policy value at 1 January 2020 was £13,382.81 and if it was invested as they said they were going to in a secure cash investment it should still be that value at 1 April 2020 and not £12,230.36 as shown on the Annual Statement dated 1st April 2020

Have Utmost not invested this policy as they said they were going to or have they just taken my money because they can?  

What Pension Fund is your policy shown as being invested in on page 2 of your statement?

If it was invested in Secure Cash then it should have increased by a few pounds.

Both of my with-profits funds were transferred to Secure Cash, as expected.