I can't access my pension. grrrrrr

Thrugelmir

Phoenix simply administer closed books in run off.

S_Baker

"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."

I am at a loss too. It is clear from these posts it is possible. Thank You. I will try again armed with knowledge.

Audaxer

Just looked at Phoenix Life site page about Transferring a Pension Q&As:
https://www.phoenixlife.co.uk/customer-centre/PeterboroughN/how-to-guides/how-to-transfer-qa
The two answers below, which I have copied from their page, doesn't even mention transferring funds - they just talk about transferring payment of the value of the funds, so I really don't understand why they are telling you they can't do that.
Q - How long will it take to transfer my pension?
A - Once we’ve received correctly completed instructions and any other information we have asked for, from both you and your new provider, we will make payment directly to your new provider, usually within five working days. We will write to tell you when we have made the transfer payment.
Q - Are there any deductions made for transferring my policy?
A - We will transfer the value of your funds to your new provider by BACS or cheque. Your new provider will tell us their preferred method of payment in the Transfer Quotation and Declaration form.

Linton

Let’s have another go...
When you set up the transfer did you do it using the transfer option under your account on the AJBell website?
If so what was your answer to the question “is the transfer cash only?”. I believe the correct answer in your case is “Yes”. If you said “No” that could well be the root cause of your problems.

Audaxer

Linton wrote: »

Let’s have another go...
When you set up the transfer did you do it using the transfer option under your account on the AJBell website?
If so what was your answer to the question “is the transfer cash only?”. I believe the correct answer in your case is “Yes”. If you said “No” that could well be the root cause of your problems.

That could well be the cause of the problem. I assume he must have said 'No' to that question as he originally wanted the funds transferred and AJ Bell then rejected the transfer of the funds. Maybe the best solution now would be for OP to start the process again and complete the AJ Bell transfer form and answer that question as 'Yes'. If Phoenix Life then still refuse to transfer as cash, I would refer them to the Q&As on their website that I have highlighted above.

Malthusian

Just to pile on (top of Phoenix), you have a statutory right to transfer your Phoenix pension as cash. It is the law.

If Phoenix say "we can't do that", they either still think you want an in-specie transfer (as per Audaxer #37), or they think you want something else that isn't a cash transfer, or they are being wilfully obtuse.

The only other question is whether the Phoenix policy has any special benefits which would be lost on transfer, known as "safeguarded rights". If they do and the transfer value is over £30,000, you would require professional advice to transfer the pension (the advice does not have to be in favour of doing it).

p00hsticks

S Baker


When replying to particular posts, you may find it easier when making your reply to use the quote button that should appear at the bottom of the post. This will bring the text of the selected post into your reply window and you can then simply add your comments reply after it. It saves you having to copy and paste and also makes it easier for others to read.

SonOf

"After performing our asset acceptability checks, I can confirm that we cannot accept your holdings with Phoenix Life due to them being pooled funds that can unfortunately only be held by Phoenix Life due to preferential rates.

That is because you chose the wrong option. You should have selected cash transfer. Not reregistration of assets.

Phoenix Life said they would not convert to cash.

They cannot because they do not have a cash account. However, they will act on a cash transfer.

The problem here is mixed up terminology being used. If the receiving scheme had just sent in a transfer request, it would have happened.

Therfore is it possible to complain to the Pensions Ombusman as the people you are talking to in Phoenix are not up to the job.

I disagree. Phoenix are correct. Their product does not have a cash facility and the funds cannot be sold down to cash. The receiving scheme does have a cash facility but doesnt use insured funds. I actually think the poor service is from AJ Bell. They should know that a personal pension would be using insured funds and would not have a cash facility. All they had to tell the OP was that the cash transfer method should be used. They are the ones that have given out incorrect information to the OP. Phoenix staff on the phone line probably have never heard of a cash account within a pension and wouldn't know what it is.

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

Phoenix do not employ any advisers. And as I said, it is AJ Bell that have given out the duff information.

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

Phoenix can do that but that is not what the OP has been saying. In post #1 it AJ Bell told him to get Phoenix to sell the funds to cash. Phoenix cannot do that. All AJ Bell need to do is put in a cash transfer request. When phoenix get that, they will sell the investments and send the cash value to AJ Bell.