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Penfold Pensions don't know what the state pension is!!!
Malchester
Posts: 1,104 Forumite
Am transferring pension from Penfold to PensionBee. Went on Penfold website today and they have a quiz. First question asks what is the maximum state pension. There are 4 possible answers, none of which are correct. The closest is £175.20. How can anyone have confidence in a pension firm which does not get the state pension number right? No wonder I am transferring
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When was the website last updated? Perhaps not a priority at the moment.0
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It is newly on the website today0
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One typo on their website and you come onto a public forum to slate them, nice.I hope your work is all up to scratch.2
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Why not point this out to them. More use in the general scheme of things. All humans err.Malchester said:It is newly on the website today0 -
The maximum state pension is much higher than that. Some people have lots of SERPS/S2P. Some people defer their state pension, etc. Of course it depends how exactly the question is worded...Malchester said:Am transferring pension from Penfold to PensionBee. Went on Penfold website today and they have a quiz. First question asks what is the maximum state pension. There are 4 possible answers, none of which are correct. The closest is £175.20. How can anyone have confidence in a pension firm which does not get the state pension number right? No wonder I am transferring
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Maximum is something over £300 a week. But I've just taken a look and the question is now "Ok here we go — how much is the new full State pension?" with answers 179.60, 200.20, 500.20 and 1000.20 a week and it now seems to be correct. If we ignore transitional protection, at least.
Never mind, though, I found five other errors or inconsistencies:
the incorrect assertion that you need ten years of NI to qualify for any UK state pension. EU and countries with social security agreements with the UK can count as well.
Asking about the average pension pot in the UK after a "lifetime of saving" then saying that the "average pension pot in the UK" is x, includes those on day one. Given lifetime the effect of age 75 BCE on the value of the pot also matters.
"The minimum your employer must legally contribute to your pension is 3% of your salary" is untrue. Not all salary is included.
Another wrong answer on transferring to Penfold free, unless Penfold pays all exit costs from the source pension?
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Were you paid to do this or did you do it for fun? 🤣0
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Fun, of course!
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