I can't access my pension. grrrrrr

Linton

Another option is to talk to AJBell and ask them to explain exactly what the problem is. I have always found them very helpful.

S_Baker

"You are so vague that nobody here knows what is going on, but alarm bells are ringing."



I'm sorry if I seem vague but this is really quite rude. I'm not stupid, I have post-graduate degree and a very good job at one of the best schools in the country teaching maths. I understand the maths of the situation which is why I know I have to get the money out of Phoenix Life. I just have no idea about what is going on at Phoenix Life. I was told by Phoenix Life transferring my Pension would be simple and quick and it isn't but they will not tell me why or what to do about it. As I said I have been unpicking this since September. I have quoted you the letter from AJ Bell directly so if there is any vagueness it is from them not me. Maybe I just got poor adviser from Phoenix Life but I must have rung them at least 10 times since September and nothing gets any clearer. I have made a formal complaint to them but I have had no reply. I'll go to the pension ombudsman.

S_Baker

GDB2222
Why is this post so rude? Who is nobody? It implies there is some sort of unspoken underground forum !!!!! that I am not told about. I came to this forum for help and advice but got rudeness. Why bother to post if you are just going to insult people? Nobody wants this.

Audaxer

S_Baker wrote: »

I'm sorry if I seem vague but this is really quite rude. I'm not stupid, I have post-graduate degree and a very good job at one of the best schools in the country teaching maths. I understand the maths of the situation which is why I know I have to get the money out of Phoenix Life. I just have no idea about what is going on at Phoenix Life. I was told by Phoenix Life transferring my Pension would be simple and quick and it isn't but they will not tell me why or what to do about it. As I said I have been unpicking this since September. I have quoted you the letter from AJ Bell directly so if there is any vagueness it is from them not me. Maybe I just got poor adviser from Phoenix Life but I must have rung them at least 10 times since September and nothing gets any clearer. I have made a formal complaint to them but I have had no reply. I'll go to the pension ombudsman.

The AJ Bell letter seems quite clear, saying they cannot accept these type of funds on to their platform, but they will accept a transfer of cash. To me it seems that it is Phoenix that are being vague and unhelpful.

I'm no expert but it seems strange if Phoenix cannot or will not firstly sell the funds to enable you to transfer the cash to another provider and then invest in a different fund or funds. As the funds failed AJ Bell's acceptability test, they must have been advised of the names and classes of the funds from Phoenix Life. As Phoenix seem to being unhelpful, I would ask AJ Bell if they could give you details of the funds they have rejected. Once you know what actual funds you hold, it may then be a first step to find out why they cannot be cashed and transferred.

S_Baker

I spoke to AJ Bell today. They were not helpful at all. They did not explain anything.

dmelife

It really is very simple but I imagine a combination of your lack of understanding and some dumb !!! at Phoenix has caused the issue. (They are pretty useless in my experience) However, simply completing the Phoenix transfer forms and sending them back should be enough. They will normally only do cash transfers, as very few other providers will be able to hold a phoenix fund. I have got two transfers from Phoenix going through at the moment, as cash. So you’re just speaking to the wrong people, and/or saying the wrong things.
Suggest you start again and ask them to send you a new transfer pack.

Mr.Generous

At what age does Pheonix allow a pension to be drawn? How old are you? If you are below the retirement ageyou have to get specific advice from a specialist and transfer to a SIPP - you cannot take a tax free lump sum (normal max 25%) until you hit (usually) 55. No financial advisor is going to tell you to transfer the pension and take the cash if its not in your best interests. They would have to do a detailed assessment of your finances and plans first.

Blackavar

If possible, try to avoid going to financial ombudsman as I have no information on any progress on my case after 4 months. Not sure, why you can't convert/sell shares,funds etc to a cash account and then move to wherever you want.

xylophone

I have got two transfers from Phoenix going through at the moment, as cash.

And another poster also managed it....

https://forums.moneysavingexpert.com/discussion/5841295/transferring-pension-from-phoenix-life

I am at a loss as to why Phoenix is telling you that you cannot transfer as cash to another provider.

You say that you have made a formal complaint - this should at least elicit an explanation in writing which might clarify the situation.

S_Baker

Thank you dmelife. The woman at Phoenix I spoke to today was quite adamant they did not do cash transfers. She told me I could take the whole pension as cash but I pointed out that this would put me in the next tax bracket for most of it so was not a worthwhile exercise. I was very clear about the difference to her between taking cash from the pension and transferring cash to another provider. I read the AJ Bell letter to her word for word and she said it was nonsense. She gave me no other option than taking the whole fund as cash and paying the tax or taking their annuity.

It has become clear that Phoenix are the useless ones here although AJ Bell could also have been much more helpful. I will start again with Phoenix in the morning but I do intend to report them to the ombudsman for their shoddy advice and management.

Phoenix told me transfer would be simple and that none had ever had a transfer not accepted before. This is clearly not the case. I should know better. We are living in a post-truth society after all.