Equitable Life with profits pension / takeover.

lynnpin

Don't expect it to be quick! I transferred mine to HL just over 7 weeks ago and I just got the Utmost transfer forms this week.  They won't do anything without a signature. Even though they are part of the Origo transfer system they don't allow us to use it.  Their website quotes: "Please note that the Origo system is only available for customers already with Utmost before January 2020 and not heritage Equitable Life customers."

Charming, and deliberately awkward in my opinion.

Joey_Soap

Joey_Soap said:

Joey_Soap said:

IMPISH29 said:

At least you have received a valuation which you can now challenge. I have my funds with a company scheme, and the trustees have been more than useless. No information from them at all since the proposed transfer to Utmost was announced last year, not even one letter, despite my requests in writing. Is it worth taking this up with the Pensions Regulator? 

I suspect your scheme admin is Mercers. I have had to fight tooth and nail for months to get any information out of them. The only information I have succeeded in getting has been a transfer out form. That's good enough for me. I have completed the form and sent it to Interactive Investor to move the Utmost money into my II SIPP account. Good riddance Mercers, as long as the transfer does actually happen!

JS.

I hope the end of the terrible Equitable Life/Utmost/Mercers saga is in sight for me. I asked for an update from Interactive Investor regarding the Mercers/Utmost > II transfer. II have sent the required documents to Mercers for them to instruct Utmost to pay across my Utmost AVC pot into my II SIPP. It has been a terrible journey. But now, it's a cash transfer. How simple can it be? I wait with baited breath for the day I can see the money in my II SIPP account. The only people I feel for is the ex Equitable staff now at Utmost who are seeing their reason for being there disapearing with every transfer out.
JS.

Well, here we are, 18th JUne 2020 and still waiting. It's cash transfer from Mercers/Utmost to Interactive Investor, how complicated than they make it? Appalling lack of customer service right to the very end.

mistresspea

Thank you for that.  I managed to get a very nice lady on the phone who pointed me to the online form to download.  I thought it would be disastrous if i failed to get it done by end June but in fact they only start moving just over £100 a week (for me) at a time so I don't risk losing the whole lot to their investment platform which I had feared.

PeregrinDawkins

mistresspea said:

Thank you for that.  I managed to get a very nice lady on the phone who pointed me to the online form to download.  I thought it would be disastrous if i failed to get it done by end June but in fact they only start moving just over £100 a week (for me) at a time so I don't risk losing the whole lot to their investment platform which I had feared.

I'm in the same position as mistresspea, what was the advice for which she is giving thanks? I can't see it following her initial email earlier on the 18th June.

barryd999

Just been reading through this.  I have about £50K+ with Utmost now.  Im 54, semi retired, dont really need the money yet but want to keep it safe and see it grow a bit. I may decide to draw down some of it in the not too distant future.  I have concerns about it being safe though and I am a bit risk averse.  What would be the safest fund to put it in?  Looking at the nightmare some have had moving it, Ill just leave it with them but I have to decide by July or they will start to move it for me (its in secure cash deposit at the moment I believe).  I saw what happened to my FTSE All index ISA in march due to the Pandemic.  Dropped like a stone. Its started to recover but has a fair bit to go. I just dont want to see the same thing happen with the small pot I have with Utmost.

allgreek

barryd999 said:

I have concerns about it being safe though and I am a bit risk averse.  What would be the safest fund to put it in? 

A list of available funds is here. The numbers allocated to each fund give an indication of the risk associated with it. I think any possibility of growth is a fantasy at the moment but you have to make your own decision on which fund is appropriate for you.

Joey_Soap

Joey_Soap said:

Joey_Soap said:

Joey_Soap said:

IMPISH29 said:

At least you have received a valuation which you can now challenge. I have my funds with a company scheme, and the trustees have been more than useless. No information from them at all since the proposed transfer to Utmost was announced last year, not even one letter, despite my requests in writing. Is it worth taking this up with the Pensions Regulator? 

I suspect your scheme admin is Mercers. I have had to fight tooth and nail for months to get any information out of them. The only information I have succeeded in getting has been a transfer out form. That's good enough for me. I have completed the form and sent it to Interactive Investor to move the Utmost money into my II SIPP account. Good riddance Mercers, as long as the transfer does actually happen!

JS.

I hope the end of the terrible Equitable Life/Utmost/Mercers saga is in sight for me. I asked for an update from Interactive Investor regarding the Mercers/Utmost > II transfer. II have sent the required documents to Mercers for them to instruct Utmost to pay across my Utmost AVC pot into my II SIPP. It has been a terrible journey. But now, it's a cash transfer. How simple can it be? I wait with baited breath for the day I can see the money in my II SIPP account. The only people I feel for is the ex Equitable staff now at Utmost who are seeing their reason for being there disapearing with every transfer out.
JS.

Well, here we are, 18th JUne 2020 and still waiting. It's cash transfer from Mercers/Utmost to Interactive Investor, how complicated than they make it? Appalling lack of customer service right to the very end.

Well, here we are July 17th. Interactive Investor sent the completed transfer documents to Mercers/Utmost in May. Radio silence........... Guess what? (Drum roll please) Mercers have lost the transfer pack sent to them. I have to start all over again with II sending the transfer pack over to Mercers/Utmost, again. It's a cash transfer for a few thousand quid. Honestly, Laurel and Hardy or the Chuckle Brothers could do a better job than this.

Scot_39

Been lazy / distracted by work and family issues  - so yet to sort my EL Utmost scheme.

Having looked at the website - they seem to have changed a few things - since I last spoke to them at end Feb.

Phoned today - to make sure I understood the options as appear to have changed a bit since looked a few months ago.

Currently Utmost help lines are busy - most still wokring from home rather than office - and took about 20mins in queue to get through - could have requested a call back - but as in the past - at least for me - genuinely helpful once chatting - re options.

My funds are set on default - so being transferred over 6 monts - from "secure cash" into two of the mult-asset by age - it's done once a week, so about a 25th total each time - between now and Dec 31.

Easier to Adjust Target Fund after July 1st ?

Compared to last time I checked - they now let you send in a fresh investment option form to change the destination - to any mix of their current funds - but now need to select timescale as over 1 month or 3 months - so cash empty before Dec 31st when closes. (At least better than last time when said would need repeated swap forms to move gradually.)

The 3 new JP Morgan multi-asset - been rated 4th quartile - so far. Not encouraging.

Many of the old ASI were not highest performers either.

Drawdown

Utmost have introduced their version of flexi access drawdown - but only for larger funds - £20K after any lump sum - so will miss many.  Guess they expect lower amounts to just take lump sums or all at once.

Docs start with 202006 - so since June ??  Recent as not all staff been trained on it due to Covid.

In any case.currently looks like has quite a restrictive investment set - with 4 fixed "investment pathways" depending on when and how you plan to lift cash - so maybe even more likely to move cash if want full 25% FAD tax free upfront - but UFPLS might do for me.

But looks like charge free - providiing you don't change amounts / frquencies regularly - others charge £100+ PA and per change.

So now considering whether and where to move cash to - but perhaps change the current destination - for a while.

However - difficult to call the markets - equity and bond - what with Covid and then Brexit to come.

Bit worried the lifstyle and high bond weighting based on a somewhat historical view of their stability - given the asset price growth over recent years - not that I see a recovery in interest rates in the near future - but long time between now and state pension age - if don't lift this chunk before then.

Back to cost comparison tables and then difing for real world charges - including invetment and withdrawl charges - and for me - any restrictions on investments for possibly upto 10 years in drawdown for me - to top up part time.

Joey_Soap

Joey_Soap said:

Joey_Soap said:

Joey_Soap said:

Joey_Soap said:

IMPISH29 said:

At least you have received a valuation which you can now challenge. I have my funds with a company scheme, and the trustees have been more than useless. No information from them at all since the proposed transfer to Utmost was announced last year, not even one letter, despite my requests in writing. Is it worth taking this up with the Pensions Regulator? 

I suspect your scheme admin is Mercers. I have had to fight tooth and nail for months to get any information out of them. The only information I have succeeded in getting has been a transfer out form. That's good enough for me. I have completed the form and sent it to Interactive Investor to move the Utmost money into my II SIPP account. Good riddance Mercers, as long as the transfer does actually happen!

JS.

I hope the end of the terrible Equitable Life/Utmost/Mercers saga is in sight for me. I asked for an update from Interactive Investor regarding the Mercers/Utmost > II transfer. II have sent the required documents to Mercers for them to instruct Utmost to pay across my Utmost AVC pot into my II SIPP. It has been a terrible journey. But now, it's a cash transfer. How simple can it be? I wait with baited breath for the day I can see the money in my II SIPP account. The only people I feel for is the ex Equitable staff now at Utmost who are seeing their reason for being there disapearing with every transfer out.
JS.

Well, here we are, 18th JUne 2020 and still waiting. It's cash transfer from Mercers/Utmost to Interactive Investor, how complicated than they make it? Appalling lack of customer service right to the very end.

Well, here we are July 17th. Interactive Investor sent the completed transfer documents to Mercers/Utmost in May. Radio silence........... Guess what? (Drum roll please) Mercers have lost the transfer pack sent to them. I have to start all over again with II sending the transfer pack over to Mercers/Utmost, again. It's a cash transfer for a few thousand quid. Honestly, Laurel and Hardy or the Chuckle Brothers could do a better job than this.

And September 23rd - Yesterday I sent another mail to Mercers yet again complaining of their inability to execute a simple cash value transfer from Utmost to Interactive Investor. Today, I got a response mail with a letter attached saying that the money had been sent across from Utmost to II on the 18th September. Only remaining snag now is to chivvy II into actually putting the money into my SIPP account. So, the Equitable Life/Utmost/Mercers complete shambles has just about played out. It took from April (forms completed and sent to II) to September 18th for a simple cash transfer to happen. That timescale includes Mercers receiving and losing the forms sent to them by II and II resending them again. Useless to the very end, it took yet another complaining email on the 22nd September before Mercer actually told me the money had been sent four days before.

Joey_Soap

The end game is done. My Equitable Life/Utmost AVC money is in my SIPP and invested in National Grid stock to generate some income. I am very happy the long and unpleasant saga with Equitable Life, Utmost and Mercers is at last finished.