Private pension withdrawal

macduff_2

We have been trying to withdraw a private pension which was originally with Greene King and was taken over by Humans Robertson LLP who have made things extremely difficult to get anywhere. We have spoke to a Financial Advisor who is also finding th8ngs difficult with them. How are they legally allowed to hang on to our money for so long like this.

macduff_2

We are still waiting to receive a private pension pay out from Nov. 2022. They seem to find more questions every week and we never get any closer. Is this normal

Marcon

macduff_2 said:

We are still waiting to receive a private pension pay out from Nov. 2022. They seem to find more questions every week and we never get any closer. Is this normal

Seven months isn't normal where the administrators are asking the correct questions and the member is supplying answers fully and promptly, together with any supporting documentation needed.

What sort of scheme is this? You're talking about 'withdrawal' and 'pay out', which sounds like a defined contribution scheme, but Greene King had three defined benefit schemes (and that is more likely, given that Hymans are the third party pension scheme administrators).

What exactly are you trying to do? Take a tax free lump sum and a regular pension, take the lot as cash, transfer it...?

dunstonh

We have been trying to withdraw a private pension which was originally with Greene King and was taken over by Humans Robertson LLP

What do you mean by "withdraw"?     
What type of pension is it?  (IIRC, Greene King had multiple DB scheme and multiple DC schemes)

If "withdraw" relates to a transfer and you have been flagged under the new anti-fraud checking measures, then timescales like 6-10 months are possible.   Have you been asked to fill in an additional questionnaire and go through a phone interview?

macduff_2

We are trying to withdraw the lot but they have said they will meet with a board to see if we can do this???
They now need to know what we have in savings, other pensions, are we able to live by other means and accept the offer of £230/ month. 
We are in the middle of an extension so need the money to complete it. They now want us to take out a loan for the similar amount to the pension instead of using the pension cash.
What is it with these money hoarders?
Whose money is it anyway.
What scheme can we transfer it to, taking the 25% tax free sum then withdrawing whatever we need when we need it.
I am a retired Firefighter so have a monthly pension. They want to know how much my wife would get should I die. So she live off that instead of receiving all her pension pot.
Any advice greatly appreciated. 

xylophone

Do you mean that you have a deferred DB pension in a Greene King Scheme which Hymans Robertson administer?

accept the offer of £230/ month. 

Is this what you are being offered if you do not transfer out?

What is the CETV of the pension?

They now want us to take out a loan for the similar amount to the pension instead of using the pension cash.

Hymans Robertson is advising you to do this?

I don't quite see how HR has the necessary permissions to give such advice?

dunstonh

We are trying to withdraw the lot but they have said they will meet with a board to see if we can do this???

If you request something that the scheme is not able to do within existing rules and is not unlawful, then it has to be passed to the trustees.

We are in the middle of an extension so need the money to complete it. They now want us to take out a loan for the similar amount to the pension instead of using the pension cash.
What is it with these money hoarders?

You are not helping us to help you.   Making allegations without providing any facts is not helpful.  

Whose money is it anyway.

It may not be yours.   If its trust based then it wont be.

What scheme can we transfer it to, taking the 25% tax free sum then withdrawing whatever we need when we need it.

if you dont provide us any details, we cannot provide any answers.

Any advice greatly appreciated. 

Answer the questions asked higher up.
i.e. what type of pension is it?  (it makes a massive difference)