I can't access my pension. grrrrrr

GDB2222

S_Baker wrote: »

I spoke to Phoenix today and they said they would not convert my funds to cash. Are they obliged to convert them to cash? Is there somewhere else I could transfer that is likely to accept the money? I feel like Phoenix are forcing me into their annuity. I thought this was supposed to be pension freedom not pension prison.

You should be able to transfer, ie have the cash value transferred to a new provider. I just have the idea that there might be some aspect of this pension that makes it far too valuable to cash in. Consequently, the advisers are Warning you off, and you are getting annoyed with them.

It seems like Hub tried to get the information from Phoenix, but things weren’t happening fast enough and you sacked them.

Linton

S_Baker wrote: »

Do you know if this is something that happens often? I'm so downhearted by it all and now with Christmas coming, I feel like it will never get sorted out.

It is not uncommon. H-L for example offer a number of low charge funds which cannot easily be transferred elsewhere.

S_Baker

Yes, the terms are ok. Of course, they are. Phoenix Life have no intention of letting me transfer the money.

Triumph13

Does the person at Phoenix understand that you want to sell the funds and convert them to cash within the pension?

GDB2222

Pensions are a long term investment. Some contracts are very complex. Phoenix may indeed be slow providing information, and it may be better to take the time to understand fully the implications of what you’re doing.

Of course, you may be right that you are simply surrounded by incompetents, who cannot organise their way out of a wet paper bag.

S_Baker

"Can you tell us the full name of the funds you hold in your Phoenix pension? The name should include a class normally but not always, a single letter. It should be straightforward to check whether any of the major platforms can accept them. Or if you hold multiple funds, some of which are restricted and some are not then you can ask for the money in the restricted funds to be transferred into the others."
How do I find this out? Will it be on any paperwork? I have had nothing to do with this fund and indeed for many years, I had forgotten about it. I have all the annual letters. I have never managed it in any way. When I changed my name it did take Phoenix 6 months to sort that out. Where will it tell me in the letters? What do I say to Phoenix Life when I ring them tomorrow. What funds do I need? Phoenix Life told me nothing of this. You people are so knowledgeable.

S_Baker

"Pensions are a long term investment. Some contracts are very complex. Phoenix may indeed be slow providing information, and it may be better to take the time to understand fully the implications of what you’re doing.

Of course, you may be right that you are simply surrounded by incompetents, who cannot organise their way out of a wet paper bag."

I've been at it since September. They told me it would take 7-10 days. I think I've been pretty patient up to now.

S_Baker

"Does the person at Phoenix understand that you want to sell the funds and convert them to cash within the pension?"

Are the advisors really so poor they don't understand this? They can be quite rude to me when they think I haven't understood them. Who knows what they understand. IT feels like very little

GDB2222

S_Baker wrote: »

"Pensions are a long term investment. Some contracts are very complex. Phoenix may indeed be slow providing information, and it may be better to take the time to understand fully the implications of what you’re doing.

Of course, you may be right that you are simply surrounded by incompetents, who cannot organise their way out of a wet paper bag."

I've been at it since September. They told me it would take 7-10 days. I think I've been pretty patient up to now.

I don’t know about Hub, never heard of them, but AJ Bell are a knowledgeable firm. I think you need to spend a bit more time understanding what the problem is. But it’s up to you, as you are the only one who will lose out.

I would just add that I have worked in pensions for over 45 years. You are so vague that nobody here knows what is going on, but my alarm bells are ringing. Something is wrong, but I don’t know what it is.

Linton

S_Baker wrote: »

"Can you tell us the full name of the funds you hold in your Phoenix pension? The name should include a class normally but not always, a single letter. It should be straightforward to check whether any of the major platforms can accept them. Or if you hold multiple funds, some of which are restricted and some are not then you can ask for the money in the restricted funds to be transferred into the others."
How do I find this out? Will it be on any paperwork? I have had nothing to do with this fund and indeed for many years, I had forgotten about it. I have all the annual letters. I have never managed it in any way. When I changed my name it did take Phoenix 6 months to sort that out. Where will it tell me in the letters? What do I say to Phoenix Life when I ring them tomorrow. What funds do I need? Phoenix Life told me nothing of this. You people are so knowledgeable.

Dont Phoenix send you an annual statement? That should list the investments and their current value. If you talk to them ask for the full name of the funds your pension is invested in.