Scottish Widows App

dunstonh

House_owner said:

dunstonh said:

GrahamLM52 said:

dunstonh said:

So not happy with this decision from SW - is it may be temporary?

The SW Stakeholder pension is an old fashioned product and no longer offered.     So, you wouldn't expect much in the way of online functionality improvements in the future.

I would not expect online functionality improvements for a product that is no longer offered, but I am surprised by the removal of the on-line method of managing the product, particularly if the app functionality is so poor.

Running old systems that are only used by a few people is expensive.      Sooner or later the support has to end and it will encourage people to move to newer products with better systems which is effectively what the providers really want.

Well, I have decided to move to a newer product with better systems - but not with SW - so I guess they got what they wanted?!

Yes.  They expect that not everyone will move with them.    It will be really low numbers that use their online services and if a really low number of them go elsewhere then they haven't lost out.     Generally speaking, most of those with SW will have relatively low values and the loss of a relatively low fee income vs spending hundreds of millions of pounds (or even billions as some insurers have baulked at) means losing a handful is the commercially sensible option.

michaels

I've had a lost the will to go on recent customer service experience with sw trying tp enable scheme pays annual allowance charge.  Finding the form online was the easy bit, trying to get them to action it / explain why they were failing to action it was almost beyond me. It got to the point where I decided to submit a formal complaint using their online webform....except just like the rest of their it the submit button didn't work.  One way of keeping complaints down I suppose....

engagedandopen

Most of my Scottish Widows Stakeholder pension consists of compensation money from them for administrative failures over transfers and the like.

I think their investment approach and collaboration with Schroders is good: I even like the annual paper statements in detailed booklets alongside the online access (Virgin Money are also good in this respect, in my opinion), and that they still offer a bricks-and-mortar Property fund (unlike, say, Standard Life).

It's the 1.00% AMC with no discounts for higher fund values and also their Diligentia customer service failings and attitude that annoys me (and Standard Life is unfortunately going down the Diligentia route, too - so giving up their premium service approach, as I see it).

However, before transferring away from Scottish Widows, you might like to bear in mind:

1. The benefits age seems to be kept at 55 rather than increasing to 57 in 2028: this might be lost on transfer.

2.  They have recently acquired the Embark platform.  Possibly competitive pressures will reduce charges if they streamline to one platform pension (SIPP) - as Virgin Money is doing with their Stakeholder Pension.

3.  As you probably know, but others on here might not, they have extended Accidental Death Benefit for another five years till 2027.

granta

engagedandopen said:

Most of my Scottish Widows Stakeholder pension consists of compensation money from them for administrative failures 

However, before transferring away from Scottish Widows, you might like to bear in mind:

1. The benefits age seems to be kept at 55 rather than increasing to 57 in 2028: this might be lost on transfer.

I did enquire with SW whether age 55 access was guaranteed but they told me that access would rise to 57 or in line with any statutory changes. Do you have written confirmation of this?
It's possible I was incorrectly informed as has happened with other queries.

Albermarle

It's the 1.00% AMC with no discounts for higher fund values and also their Diligentia customer service failings and attitude that annoys me (and Standard Life is unfortunately going down the Diligentia route, too - so giving up their premium service approach, as I see it).

I did not know that about Standard Life. One of my DC pensions is with them and have always been impressed by the customer service ( maybe helps I am a Premium customer or whatever they call it), plus the website and app are user friendly.
It will be a shame if cost cutting/outsourcing has a negative effect.

dunstonh

Albermarle said:

It's the 1.00% AMC with no discounts for higher fund values and also their Diligentia customer service failings and attitude that annoys me (and Standard Life is unfortunately going down the Diligentia route, too - so giving up their premium service approach, as I see it).

I did not know that about Standard Life. One of my DC pensions is with them and have always been impressed by the customer service ( maybe helps I am a Premium customer or whatever they call it), plus the website and app are user friendly.
It will be a shame if cost cutting/outsourcing has a negative effect.

Phoenix uses Diligentia.  However, Phoenix servicing on plans that are with Diligentia has been very good.  Although that is with phone and mail. I have no experience with anything online with them.  The problems with Phoenix are typically the period before it moves onto their software and is on the legacy company software.    Phoenix would look to have everything with Diligentia.  
So, it's not a surprise to see Phoenix putting SL plans on the Diligentia systems.

The layout of Phoenix documentation looks like the old Pearl Assurance layout and style and Diligentia is based in Lynchwood, Peterborough, which is a business park built by Pearl Assurance and where the Pearl HQ was based.  Diligentia was also formed just after Phoenix bought Pearl.   So, they probably used Pearl as their starting point.

Albermarle

So, it's not a surprise to see Phoenix putting SL plans on the Diligentia systems.

No probably not a total surprise, but there had been some noises that because SL were different than most other legacy companies that Phoenix picked up ( still taking on new customers, seemed to be a modern operation etc ), that they may carry on without much change.
Probably comes down to cost, reducing staff etc as margins are getting squeezed by competition.

Mookat

I also received this email, it is the only way I can see the value & monthly contributions of my work pension. After speaking with SW, the current app won’t work with my type of pension, they don’t have a timescale of when the enhanced app will be available. The only option I have is to ring up every month if I want to check the contribution & value. Not ideal. 

Albermarle

Mookat said:

I also received this email, it is the only way I can see the value & monthly contributions of my work pension. After speaking with SW, the current app won’t work with my type of pension, they don’t have a timescale of when the enhanced app will be available. The only option I have is to ring up every month if I want to check the contribution & value. Not ideal. 

'Not Ideal' would be a diplomatic description. 

You should look at transferring it . It is quite easy as long as it is just a simple DC pot with no enhanced guarantees.

Mookat

Albermarle said:

Mookat said:

I also received this email, it is the only way I can see the value & monthly contributions of my work pension. After speaking with SW, the current app won’t work with my type of pension, they don’t have a timescale of when the enhanced app will be available. The only option I have is to ring up every month if I want to check the contribution & value. Not ideal. 

'Not Ideal' would be a diplomatic description. 

You should look at transferring it . It is quite easy as long as it is just a simple DC pot with no enhanced guarantees.

Thank you, yes, that’s what I thought & have started the process. I will just transfer the new contributions every so often.