Pension moved without authorisation....HELP!

Fu_Man_Chu

Hi, I have just been informed by my pension adviser who I was in negotiations with that two of my pensions (£98,000) have been moved from my current pension investors (Royal London and AEGON) to AJ Bell without my authorisation. 
She is absolutely mortified and apologetic and is currently trying to rectify the issue but my fear is that my money is now in limbo, not earning and may have encountered exit fees. I don't know what to do other than wait and I have no idea what this could end up costing me, how would you even begin to calculate lost investments during this period of limbo?

Can any one advise please?      

xylophone

Hi, I have just been informed by my pension adviser who I was in negotiations with that two of my pensions (£98,000) have been moved from my current pension investors (Royal London and AEGON) to AJ Bell without my authorisation. 

Presumably this adviser?

Hi, I've just had a pension adviser around and I'm unsure whether its worth all the fees to have my own bespoke adviser who will review and tailor my pension.

In summery she wants to charge me an initial fee of £4600 and then 1% thereafter. The fund she uses has out performed my current pension to the tune of £15900 over the last six years. If I add her 1% pa plus the set up fee it basically equates to being around £2400 better off with the pension advisors fund.

I can't quite work out what has happened - are you saying that  without your specific, signed authority, a SIPP has been opened in your name with AJ Bell and your pensions transferred in specie?

It seems extraordinary that a qualified IFA could take such action without your authority.

Or are you saying that your pensions have somehow been transferred in error into somebody else's pension?

Fu_Man_Chu

I can't quite work out what has happened - are you saying that  without your specific, signed authority, a SIPP has been opened in your name with AJ Bell and your pensions transferred in specie?

It seems extraordinary that a qualified IFA could take such action without your authority.

Yeah, this one!

xylophone

Do you want your pensions restored to the former providers?

Fu_Man_Chu

xylophone said:

Do you want your pensions restored to the former providers?

I'd be happy with AJ Bell managing the fund but as per my previous post I'm not happy with the £4600 fee. I have just spoken to her and they are trying to have it moved back. In hindsight I should have said leave it but you wont be getting your fee.
My main concern is that I'm missing several days or possibly longer without my money earning. Maybe small change on a £100k pot but still...

wjr4

I’m surprised this has happened without you giving your consent. It wouldn’t give me much hope for using that firm in the future. 

Fu_Man_Chu

wjr4 said:

I’m surprised this has happened without you giving your consent. It wouldn’t give me much hope for using that firm in the future. 

Fully agree, they will not be getting my business

Random47

IF it has been error (or on purpose) by IFA, them reimbursement / compensation is due, weather this is given as a goodwill and without too much of a fight is another matter. Reporting IFA is also an option of leverage.

cfw1994

Fu_Man_Chu said:

xylophone said:

Do you want your pensions restored to the former providers?

I'd be happy with AJ Bell managing the fund but as per my previous post I'm not happy with the £4600 fee. I have just spoken to her and they are trying to have it moved back. In hindsight I should have said leave it but you wont be getting your fee.
My main concern is that I'm missing several days or possibly longer without my money earning. Maybe small change on a £100k pot but still...

Nothing to stop you telling them to not bother, but you will NOT be paying any fee for the "work" performed.   If they feel aggrieved by that, you are more than happy to raise their illegal behaviour with their Ombudsman.....

Albermarle

If they feel aggrieved by that, you are more than happy to raise their illegal behaviour with their Ombudsman.....

Maybe 'illegal' is a bit strong , more than likely it is just a mistake  /misunderstanding. These things happen .

Malthusian

This happens more often than you might think. This is very reminiscent of a thread from February.

What is likely to have happened is that the adviser was on the AJ Bell website trying to generate the necessary disclosure and application paperwork, and went one step further than she meant to, causing the application to actually be submitted.

The system does not work on signatures. It works on trust. It always has done.

Calculating any loss arising will be straightforward - when your funds arrive back with the original providers, your loss (or gain) is the difference in units you held before the pensions were mistakenly transferred and the units you held afterwards.