JLT Wealth Management review of pension transfer

napkin

I too received said same letter yesterday (11th May 2020)  Can't understand why some firm are offering to go to these lengths when no fee is being asked?   The only other query that I am bothered about is that the letter is addressed to myself in a previous name?  At this moment in time I am not bothering to pursue it any further.  

dunstonh

Can't understand why some firm are offering to go to these lengths when no fee is being asked?

They are not choosing to do this.  They have been instructed.

The only other query that I am bothered about is that the letter is addressed to myself in a previous name?

Was that your name at the time of the transfer?

At this moment in time I am not bothering to pursue it any further.

Why?   That is not very wise.

YayaToure

I transferred a pension back in 2012. Last year, I got the same letter. JLT have simply been instructed by the FCA to review the advice they gave. They didn't give me any because:

A. I had already consulted with my own financial adviser.

B. We had already transferred the funds into another pension fund.

C. I declined their advice at the time.

After some telephone conversations with JLT, I advised them that they didn't advise me, and therefore the review was unnecessary.  On 10th June this year, they wrote advising me that because I hadn't responded to their request, they would close the file after 21 days. Today, I get a letter stating because I haven't responded, they'll close the file after 14 days. Oh Boy!! Can't Wait!!

Kettek

My wife has the same letter and has been offered a settlement figure. 
As a non tax payer, does anyone know if she would have to pay any tax on this? She has not been employed since coming out of this pension.....

dunstonh

Kettek said:

My wife has the same letter and has been offered a settlement figure. 
As a non tax payer, does anyone know if she would have to pay any tax on this? She has not been employed since coming out of this pension.....

The capital part of the refund is not taxable.  The interest element will have tax deducted.  If it is under the savings allowance or she remains a non-rate taxpayer, then she can reclaim it.

Kettek

dunstonh said:

Kettek said:

My wife has the same letter and has been offered a settlement figure. 
As a non tax payer, does anyone know if she would have to pay any tax on this? She has not been employed since coming out of this pension.....

The capital part of the refund is not taxable.  The interest element will have tax deducted.  If it is under the savings allowance or she remains a non-rate taxpayer, then she can reclaim it.

Thanks. Still confused. They are sending out another offer as they had offered an amount based on a standard rate tax payer with tax deducted but the new one will be gross and that it will be down to her to pay any tax?

Dazed_and_C0nfused

Kettek said:

dunstonh said:

Kettek said:

My wife has the same letter and has been offered a settlement figure. 
As a non tax payer, does anyone know if she would have to pay any tax on this? She has not been employed since coming out of this pension.....

The capital part of the refund is not taxable.  The interest element will have tax deducted.  If it is under the savings allowance or she remains a non-rate taxpayer, then she can reclaim it.

Thanks. Still confused. They are sending out another offer as they had offered an amount based on a standard rate tax payer with tax deducted but the new one will be gross and that it will be down to her to pay any tax?

Assuming the taxable element will be interest then you don't actually pay tax on interest unless your total taxable income is at the very least £16,250, possibly £17,500.

Is she likely to have total taxable income of this level in the tax year the payment is made?

Pyewacket69

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. 

mikelj99

Just in case anybody else reads this - I've been in the same situation and JLT have been "reviewing" for nearly 2 years now. It's been a joke. Timescales they have promised to resolve this by have come and gone, I've had to fill in a number of LoA's as they keep expiring, and I have today lodged a complaint with the financial ombudsman. I too was advised to leave a FSP and offered a cash payment as part of the transfer (which, due to circumstances at the time, incentivised me to be honest). Wish now I'd never agreed....

TVAS

This is legitimate by boyfriend worked on this review. 

Jardine Lloyd Thompson (JLT) bought lots of IFA's who did DB transfers the main one being Alexander Lloyd.

Many of these transfers were badly advised.

When they give you an offer letter I would also do a subject access request to see all the paperwork.

JLT have to do a calculation to see if there is a loss. This is done at a quarter date 1 January, 1 April, ! July, 1 September and 1 December. If the loss is large they will leave that case to a future quarter date hoping it might be lower.

This project has been a total car crash since inception.