Legal & General Blocking Pension Transfers

paulbyrne60

I simply want to transfer my pension fund to another provider and  set up a draw-down SIPP and one that is significantly cheaper in
terms of fees.  The issue is, they have suspended their Property Fund and L&G are blocking any transfer requests.  I have several non property funds with them and they have refused to allow the transfer of the non property funds too,  also they are still charging fees on the suspended funds.
Due to their actions Legal & General have crashed my retirement plans and are now causing financial hardship by not having access to these funds.  They finally relied after several weeks with a very dismissive emails stating that this is not their fault, well who's is it however they offered no resolution and are unable to say when the property fund will be reinstated?
Legal and General you are causing great stress and financial worries, has anyone else run in issues with L&G?

#legalandgeneral #L&G #blockedpension #pensions

AnotherJoe

How about, sell all the other funds and then do a partial transfer of what is now just the cash element ?

Who are you using to do the transfer?

Ceme3000

It isn't their fault! Properties in funds have to be valued and with Covid and lockdown some of the properties haven't been. It is the FCA that set these rules and the funds have to follow these rules. Many property funds are suspended at the moment. 
Hopefully the situation will resolve soon but in the meantime you will have to be patient. In the meantime can you do a partial cash transfer?

Brynsam

paulbyrne60 said:

I simply want to transfer my pension fund to another provider and  set up a draw-down SIPP and one that is significantly cheaper in
terms of fees.  The issue is, they have suspended their Property Fund and L&G are blocking any transfer requests.  I have several non property funds with them and they have refused to allow the transfer of the non property funds too,  also they are still charging fees on the suspended funds.
Due to their actions Legal & General have crashed my retirement plans and are now causing financial hardship by not having access to these funds.  They finally relied after several weeks with a very dismissive emails stating that this is not their fault, well who's is it however they offered no resolution and are unable to say when the property fund will be reinstated?
Legal and General you are causing great stress and financial worries, has anyone else run in issues with L&G?

#legalandgeneral #L&G #blockedpension #pensions

Hardly news - the decision was taken in March and simply re-confirmed yesterday. See https://www.legalandgeneral.com/investments/investment-content/property-fund-suspension-notice/

You chose to invest in these funds, so no good blaming anyone else for your decisions. L&G are in no position to give any indication of when matters will be resolved - no crystal ball! - and they are far from alone in this decision. If you enter the words 'property fund suspended' in the Forum Search box above, you'll see plenty of other investment houses are affected.

dunstonh

Due to their actions Legal & General have crashed my retirement plans and are now causing financial hardship by not having access to these funds.

No they have not.    The FCA rules require funds to suspend trading if the underlying assets cannot be reliably be valued.  Because of lockdown, valuers stopped going out to value properties and all bricks and mortar property funds became suspended.

They finally relied after several weeks with a very dismissive emails stating that this is not their fault, well who's is it however they offered no resolution and are unable to say when the property fund will be reinstated?

a) it is not their fault.

b) they cannot offer any resolution as they are do not hold adviser permissions.

c) they cannot say when it will be reinstated.  Nobody knows.   Best estimates are talking later this year but some believe it may not be until next year.

Legal and General you are causing great stress and financial worries, has anyone else run in issues with L&G?

You are blaming them unfairly for your investment choices and your planning.

#legalandgeneral #L&G #blockedpension #pensions

This is a forum. Hashtags do not mean anything.

[Deleted User]

It is true that ultimately it is the investor who bears all the risks and lives with the consequences. I also think that the financial industry in Britain has advertised these funds a little too hard and did not highlight the risks that are specific to this asset class. 

In particular, I noted that providers were treating property as a “safe” bond-like investment when calling their funds “moderate risk” or “balanced”. Thats very misleading

Prism

Why do people invest in something they don't understand and then blame someone else when it does exactly what its supposed to do.

paulbyrne60

AnotherJoe said:

How about, sell all the other funds and then do a partial transfer of what is now just the cash element ?

Who are you using to do the transfer?

L&g wont allow partial transfers 

paulbyrne60

Prism said:

Why do people invest in something they don't understand and then blame someone else when it does exactly what its supposed to do.

Mate, that's not the point, the property fund is less than 5% of my portfolio yet L&G are blocking the whole portfolio, so no partial xfers allowed, which is stopping my plans to draw-down an income

paulbyrne60

Prism said:

Why do people invest in something they don't understand and then blame someone else when it does exactly what its supposed to do.

Mate, that's not the point, the property fund is less than 5% of my portfolio yet L&G are blocking the whole portfolio, so no partial xfers allowed, which is stopping my plans to draw-down an income

paulbyrne60

dunstonh said:

Due to their actions Legal & General have crashed my retirement plans and are now causing financial hardship by not having access to these funds.

No they have not.    The FCA rules require funds to suspend trading if the underlying assets cannot be reliably be valued.  Because of lockdown, valuers stopped going out to value properties and all bricks and mortar property funds became suspended.

They finally relied after several weeks with a very dismissive emails stating that this is not their fault, well who's is it however they offered no resolution and are unable to say when the property fund will be reinstated?

a) it is not their fault.

b) they cannot offer any resolution as they are do not hold adviser permissions.

c) they cannot say when it will be reinstated.  Nobody knows.   Best estimates are talking later this year but some believe it may not be until next year.

Legal and General you are causing great stress and financial worries, has anyone else run in issues with L&G?

You are blaming them unfairly for your investment choices and your planning.

#legalandgeneral #L&G #blockedpension #pensions

This is a forum. Hashtags do not mean anything.

Duns you are missing the point, Mate,  the property fund is less than 5% of my portfolio yet L&G are blocking the whole portfolio, so no partial xfers allowed, which is stopping my plans to draw-down an income, no draw-down no income, surely as a so called FA you can see the problem here, Yes.