How do I get out of Phoenix?

archer123

As dunstonh pointed out in another thread, Phoenix only handle legacy funds.
I have some of my pension invested in a low performing fund. I am 67yr and don't want to draw the money yet.
I want to move it to give better fund choices and maybe lower the fees. Oh, and a more responsive provider.
But Phoenix are not making it easy.
What is the normal process? Surely I should be able fill out a transfer form, choose the new SIPP provider, or whoever, and bingo!

wjr4

Has it got any guarantees or protected PCLS? If not, find a new provider, complete their own transfer form and transfer it. Why don't you consider a fund switch if you are not looking to withdraw any money yet?

archer123

There are no guarantees. I do not really know what PCLS is.
The fund is split into 2 parts; old protected rights and non-protected rights, but both have units in a Janus Henderson Managed fund that lost value.
I just don't seem to get any response or help from Phoenix.....like no-one is home!!

So, as you suggest, the receiving provider can give me the transfer forms to signoff. Right?I could tranfer without cashing out the Janus Henderson fund, and then make my switches in the new provider. May be cheaper?

MallyGirl

Last year lots of investments lost value.
PCLS is pension commencement lump sum - the 25% tax free lump sum that you might want to take
You need to know what your current fees are before you can work out if elsewhere might be cheaper

Marcon

archer123 wrote: »

So, as you suggest, the receiving provider can give me the transfer forms to signoff. Right?I could tranfer without cashing out the Janus Henderson fund, and then make my switches in the new provider. May be cheaper?

Are you suggesting an in specie transfer of the Janus Henderson fund - or indeed the whole of your pension investments held with Phoenix?

xylophone

How do I get out of Phoenix?

British Airways?:)

You would approach your chosen new provider and ask them to arrange the transfer.

What is the value of the pot?

dunstonh

The fund is split into 2 parts; old protected rights and non-protected rights, but both have units in a Janus Henderson Managed fund that lost value.

2018 was a negative year. So, you would expect values to have fallen. A loss does not mean poor performance.

archer123

Haha. No, it's not BA....but not a far off guess.

The total vaue is about £150k. Yes I am suggesting an 'in specie' transfer to make it simple, then decide on the fund(s) when it arrives. Is this good?

I thought all uncrystalised pension pots allowed 25% tfls ...so how does this PCLS differ? If you mean was it a single premium investment from my company DB scheme? Yes it was. And yes I am one of the masses who was conned out of lucrative future benefits, without a full understanding of the implications and a load of lies.. But that's another story, and long forgotten (not).

I pay 1% to Phoenix. I guess Henderson make a charge, as well.

HappyHarry

Just to check, your new pension provider needs to be the one requesting the funds from Phoenix. Phoenix won't send on the pension funds to your new provider on your say so.

Edit: What are Phoenix doing that isn't making it easy?

archer123

Hi Harry. Thanks for your input.

Phoenix don't respond to any emails... and didn't send the retirement pack that I requested. But.... now been told it was actually despatched last Tuesday via snail mail.

Maybe I'm just toooo impatient.:D

archer123

My plan now is to study the other funds that are available with Phoenix (didn't know they had any others!) and work out if any suit my needs, if not transfer the lot out to another provider, asking them to initiate the transfer.
Great :T

Thanks