The Pension Trust Transfer

Malchester

Anyone had dealings with The Pension Trust (TPT)? Because of their restricted options for taking pension (either withdraw it all or take an annuity) I am trying to transfer to PensionBee (having researched) but they are being obstructive, warning me against transferring, and saying it could take six months!

Anyone had dealings with TPT? Any advice to chase them up? TYIA

Linton

Looking up TPT on Google it seems they specialise in running DB ("Final Salary") pensions. Is your pension DB or a simply DC one with no special guarantees?

Marcon

Malchester wrote: »

Anyone had dealings with The Pension Trust (TPT)? Because of their restricted options for taking pension (either withdraw it all or take an annuity) I am trying to transfer to PensionBee (having researched) but they are being obstructive, warning me against transferring, and saying it could take six months!

Anyone had dealings with TPT? Any advice to chase them up? TYIA

What exactly do you mean when you say they are 'being obstructive'? They are quite correctly flagging that a transfer from a DB scheme to a DC arrangement is often not in the interests of the member (however much the member might disagree!); and they do indeed have a 6 month period in which to conclude a transfer.

Have you actually got a valid CETV from them? Is it £30,000 or more and if so, have you received the mandatory advice from a suitably qualified and authorised adviser? If so, you have 3 months from the CETVB's 'guarantee date' to accept it and provide all the necessary information for the Pensions Trust to get the ball rolling in terms of acting paying the transfer (they have 3 months from your acceptance).

Brynsam

Six months is the statutory time allowed for carrying out a DB transfer. It isn't just 'press a button' stuff and if you are required to take advice (i.e. your transfer is north of £30K), that will take up several months.
Even when you have supplied all the necessary info/confirmation that you've received advice, there will be huge numbers of people ahead of you in the queue needing time from the administrators, which is why they won't be able to finalise things in the twinkling of an eye.

xylophone

Is the OP a member of a DB Scheme?

He says in his first post that his TPT options are

(either withdraw it all or take an annuity)

which doesn't sound like a DB Scheme.

TPT does offer a DB Scheme but also appears to offer DC Schemes.

https://www.tpt.org.uk/defined-contribution

https://www.tpt.org.uk/

Perhaps the OP could clarify.

Malchester

Just to confirm my pension with TPT is a DC pension NOT a DB pension. I am aware of the complications of considering transferring DB pensions. In fact I have 2 DB pensions as well, one in payment, one deferred due for payment in 5 years.

It is a small pot pension (just over £9000). My intention Is to transfer to PensionBee where I can add £2880 topped up with £720 each year while drawing down a monthly amount, 25% tax free, to supplement my current DB pension until other pensions kick in. All planned and agreed / accepted by PensionBee. No need for independent advice

Thanks for comments

GDB2222

Is your DC pot currently invested in anything weird and wonderful? It sounds like the warning is inappropriate, so maybe a junior staff member getting things wrong?

Alternatively, is there perhaps some real worry that pensionbee is a scam? See here, where they are having trouble getting money from at least one other provider.

https://www.pensionbee.com/press/aegon

How long have Pension Trust taken so far?