Metlife pension applied to cancel fca membership!

DeeSpare

Good morning
i have an appalling pension with Metlife. I have just discovered they have applied to cancel fca membership. I am beside myself with worry and dont know what to do. I am not yet in receipt of funds. Can anyone advise please?

dunstonh

i have an appalling pension with Metlife.

Move it then if it's that bad.

. I have just discovered they have applied to cancel fca membership.

Which MetLife are you referring to?    All I can see (after a very quick look) is the EU-linked Metlife companies applying to cancel their permissions.  

DeeSpare

Yes its metlife europe. I took it on the advice of an ifa. (Whose judgement i am no longer sure i trust). I dont know how long it takes to move a pension, or if its wise as i may be drawing it in 3-5 years. I also dont know what removing fca authorisation will mean for the customer

Brie

is it something that you could transfer into a works pension if you have one?

dunstonh

Yes its metlife europe. 

That isn't the same company as your pension provider.

I dont know how long it takes to move a pension,

The quickest are about 3 days.  Most are within 3 weeks. 

, or if its wise as i may be drawing it in 3-5 years.

But if you say its an awful pension, then move it.  If you don't know the analyse and compare.

I also dont know what removing fca authorisation will mean for the customer

They are not ending FCA authorisation.  You are mixing up companies.

DeeSpare

On the top of my statement it says ‘metlife europe d.a.c’
is this not metlife europe?
thankyou very much for the other insights.

DeeSpare

Brie said:

is it something that you could transfer into a works pension if you have one?

Unfortunately, i dont have one. Good thoughtbthough, thanks

dunstonh

On the top of my statement it says ‘metlife europe d.a.c’

Metlife Europe d.a.c. hasn't applied to cancel its permissions.   That company has temporary permissions pending a move into a UK authorised company or becoming a UK authorised company.

The ones ending UK authorisations are  Metlife Europe Services Limited and Metlife Europe Services Limited

Metlife operated out of Dublin but after Brexit, there was no agreement on financial services with the EU.  So, firms outside of the UK offering services in the UK could apply for temporary permissions to give them time to either withdraw from the UK or set up UK based operations.   So, changes in authorisations would be expected across the subsidiary companies.

DeeSpare

Thankyou so much Dunstonh for the clarification. Thats bought me some more time then. Can I ask, if they do eventually cancel their fca authorisation, like metlife europe services say, what does that actually mean for existing policy holders. I am afraid I suffer from anxiety and this has made me feel really ill this afternoon. Thanks

dunstonh

DeeSpare said:

Thankyou so much Dunstonh for the clarification. Thats bought me some more time then. Can I ask, if they do eventually cancel their fca authorisation, like metlife europe services say, what does that actually mean for existing policy holders. I am afraid I suffer from anxiety and this has made me feel really ill this afternoon. Thanks

The FCA won't cancel their permissions if regulated activity is still taking place.  So, it's a non-issue.   If they want to cease in the UK, the most likely option is metlife would sell its book to Phoenix or Reassure or one of the other consolidators.   Pension books have value and a company wont just let them lapse.  

xylophone

What is it about the pension that cause you to describe it as "appalling"?