JLT Wealth Management review of pension transfer

Pyewacket69

Hello all,

Seeking advice on behalf of my partner. In 2010 he had a 20+ year old GKN pension and had an offer to move it to Aviva and recieve some cash, he accepted this offer and the Aviva pension is sat there OK, annual statements are recieved from Aviva.  

A year or so ago he got a letter from JLT Wealth Management saying something along the lines that they were reviewing the advice given regarding the GKN pension transfer and required permission to pursue this matter. My partner filled in the forms giving permission.

He's now received a further letter, basically just saying the 'Letters of Authority' are time limited and no longer valid and asking for new ones. Information required includes the policy number of the scheme the pension was transferred to, NI number, DOB.

"Further to our previous letters we write to confirm that our review into advice relating to your pension benefits transfer remain ongoing. The review is complex and we appreciate your patience in this matter. 

In order to progress the review you have previously provided a Letters of Authority so that we can engage with third parties concerning your transfer, for example your current personal pension policy provider or ceding scheme." 

Does this seem legitimate, checked that JLT are FCA registered. I wondered if the FCA or another body hold a list of cases such as this that they have requested to be reviewed so that I could check against that. Tried a google but got nowhere with my limited knowledge of the industry. 

Advice gratefully recieved, sadly there is a lack of paperwork on the old GKN pension and transfer. 

Many thanks,

Pye

EDIT: 
An update to this thread for anyone who finds themselves in the same situation. 
In total this was probably ongoing for around 2yrs. In December 2020 however my partner received a redress sum from JLT. It was approx the same value, after tax @ 15%, as balance of the rest of the pension pot. So a very nice surprise indeed - doubled what we thought his pension pot was. 

Thrugelmir

What's their fee for investigating? 

Pyewacket69

There is no mention of a fee. 
Edit: Just to add there is no known previous relationship with JLT Wealth Management. 

MEM62

Pyewacket69 said:

There is no mention of a fee. 

There will be.

Pyewacket69 said:

Edit: Just to add there is no known previous relationship with JLT Wealth Management. 

You have no previous relationship with them and no understanding as to why they are involved.  Why are you even entertaining a discussion with them?   

Joey_Soap

It sounds like some serious due diligence is required here. If this truly is a totally unsolicited approach it rings a lot of alarm bells. Very loudly.

JS

This piqued my interest, Googling around it seems they are an authorised company with a relationship to Mercer. I think my due diligence now would be to check if I have been approached by a clone of JLT Wealth Management, cloning a reputable firm is a known scam. More information -

https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000MfIoXAAV

JS

dunstonh

Does this seem legitimate, checked that JLT are FCA registered.

Yes it is legitimate.   

There is plenty of information available online to confirm this.

wondered if the FCA or another body hold a list of cases such as this that they have requested to be reviewed so that I could check against that. Tried a google but got nowhere with my limited knowledge of the industry.

https://www.fca.org.uk/news/press-releases/fca-publishes-results-thematic-reviews-enhanced-transfer-values-and-sipp

The FCA will publish an outcome once the review is complete but it is important to note that a review being carried out does not mean all individual cases were missold.   Sometimes a review may identify a widespread failure in the process but doesn't mean there is a failing in outcomes.    Other times it can be a failure in outcomes that leads to the review.  The objective of a review is to ensure that individual cases are looked at (usually by independent third party checkers) to ensure the right advice was given and if it wasn't then suitable redress will be considered.    No opinion or judgement should be made just because someone is included in a review.  Some firms have gone through reviews and not had a single case classed unsuitable.  Others have had lots.    A review is part of the process to identify if issues spotted had an impact on advice and to put it right if they did.

Edit: Just to add there is no known previous relationship with JLT Wealth Management. 

What about under their other trading names or companies that they may have bought?

You mention the GKN transfer.   The firm that carried out the transfer to Aviva is the one that carries the liability.  JLT seem to believe it is them (in either current form or under a predecessor company) based on what you have said.

Joey_Soap

As I said above, tread carefully, it just "might" be a clever scam cloning JLT Wealth's identity. Otherwise, yes, could be genuine.

JS

Pyewacket69

My impression is that the advice given regarding the transfer in 2010 was in some way inadequate / misleading, and they are reviewing that process. I think there was various dodgy pension advice around that period, my partner received around 20k cash as part of the transfer. 
As we've not been able to find the original letter they sent is there something we can request of them that would validate the legitimacy? Kind of a 'who asked you to review this, what's the 'case' number' kind of thing? 
Edit: Oh and big thanks for the feedback!

Joey_Soap

Pyewacket69 said:

My impression is that the advice given regarding the transfer in 2010 was in some way inadequate / misleading, and they are reviewing that process. I think there was various dodgy pension advice around that period, my partner received around 20k cash as part of the transfer. 
As we've not been able to find the original letter they sent is there something we can request of them that would validate the legitimacy? Kind of a 'who asked you to review this, what's the 'case' number' kind of thing? 
Edit: Oh and big thanks for the feedback!

I would say, contact JLT Wealth at the known good details given at the FCA website to validate it is a genuine approach and not a clone trying to scam you.
JS

Pyewacket69

Thank you all for the input, especially dunstonh with the additional info. 

The reply paid envelope is addressed to JLT's Manchester office so that seems legitmate with no chance of it being fradulent.  The 'Letter of Authority' that my partner needs to sign just says he is authorising JLT to collect information from the pension provider to conduct a review of the suitability of the advice given and will be soley used for that purpose. It's not authorising anything beyond that so doesn't appear to be a risk. 

Dunstonh - quite possible they were involved in the original transfer in some way, sadly paperwork is thin on the ground.

dunstonh

 on such an important issue as DB transfers and with the concerns highlighted by the FCA, anyone invited to have their case reviewed should do so.

The 'Letter of Authority' that my partner needs to sign just says he is authorising JLT to collect information from the pension provider to conduct a review of the suitability of the advice given and will be soley used for that purpose. It's not authorising anything beyond that so doesn't appear to be a risk.

LOAs do have a shelf life and JLT are known to be carrying out a review (it is mentioned in their annual reports for several years as it's been dragging on for some years now).   Everything you have said suggests it is legitimate.