Clerical Medical - Extremely Poor Service

essexgirl1955

I've been through all that. Yes there was an amber flag. Yes my IFA and I went through it all, before and after my MoneyHelper interview. I'm not an idiot or naive and I went through it all in detail by myself, with my husband (who went through the QROPS system a few years ago and lost a lot of money on it) and then with my IFA. That was why I did have the MoneyHelper interview 6 weeks ago. Yes it was an anti fraud interview - hence my original comment about people investing in truffle farms in Australia - the MoneyHelper agent questioned me closely about whether the IFA had contacted me initially (he did not) and other issues around scams. I was on the phone talking with him for an hour and a half. He was informative, helpful and seemed very open with me. They gave my transfer the green light. NO issues. Paperwork was completed and returned on time. 

And I don't see why any of this would excuse CM's inept communications, inability to send a letter out via airmail leading to it arriving weeks - if not months - too late, inability to use email instead for an overseas client, and generally to not taking any notice at all of what I say to them on the phone. They are completely inefficient, and I repeat that I cannot understand how they stay in business. A full year to deal with my file is inexcusable.

I completely understand the red/amber flags, I completely understand why there is a need to check that pension owners are not being scammed or badly advised. I have no issues at all with the system and the series of checks and balances put in place to protect me. It's all good, I support it, and I've done it all, exactly as requested, all 'i's' are dotted, all 'T's' crossed. But I repeat, Clerical Medical's inefficiency is bordering on scandalous. I am astonished that they are still in business and frankly I can't wait to get my money away from them. 

dunstonh

 But I repeat, Clerical Medical's inefficiency is bordering on scandalous. I am astonished that they are still in business and frankly I can't wait to get my money away from them. 

They are not.    They closed for business about 12 years ago.

essexgirl1955

Definitely still operating as Clerical Medical. Another letter arrived today (3/29) which is a duplicate of at least two others I've had.

xylophone

https://www.clericalmedical.co.uk/

Clerical Medical is a trading name of Scottish Widows Limited.

https://en.wikipedia.org/wiki/Clerical_Medical



https://www.theguardian.com/money/2023/apr/20/clerical-medical-is-consistently-and-dependably-dire

Above from a year ago......

dunstonh

essexgirl1955 said:

Definitely still operating as Clerical Medical. Another letter arrived today (3/29) which is a duplicate of at least two others I've had.

You misunderstand.  They closed for business around 2011.    Scottish Widows control their administration on the legacy products.  They retain the CM branding (although sometimes, some things come through with SW branding).  You cannot buy CM products.

Hoenir

xylophone said:

https://www.clericalmedical.co.uk/

Clerical Medical is a trading name of Scottish Widows Limited.

https://en.wikipedia.org/wiki/Clerical_Medical



https://www.theguardian.com/money/2023/apr/20/clerical-medical-is-consistently-and-dependably-dire

Above from a year ago......

"Old books" whether they be insurance, mortgages , loans get run off naturally over many many years. Consequently detailed knowledge of the products involved progressively dies as those with the expertise inhouse move on. There's still Alliance & Leicester mortgages in existance. Despite the bank being acquired in October 2008 by Santander, approaching 16 years ago. 

slpierce

Well well well, I did a random Google to see if anyone else has had issues with Clerical Medical, and I'll be honest I wasn't expecting to find lots of others having problems. I thought it was a reputable company, that was up until I reached 55 years of age around a month ago and claimed my 25% tax free lump sum (around £19000) from a private pension I have had for the last 34 years.

I Initially arranged them call to me on my 55th Birthday, which they did, I answered all their question gave them all my details and the lady said it would be up to 2 weeks until I received the tax free cash as I'm a Lloyds customer, three weeks later no word, no problem I thought, It's still only 3 weeks, these things take time I suppose, I rang them for an update and as usual with these types of organisations got passed from pillar to post, spent hours on the phone.

Today almost 4 weeks after my claim for the tax free cash, I'm told there is "some" kind of problem with my account, which is odd because there was never a problem for the 34 years I have had the account when money was going in, I'm told I'll be receiving a letter in 3-5 working days, the girl couldn't tell me what the letter is about, god knows what it's gonna say, but I'm guessing it wont be good, absolutely incompetent these people.

They had one job, look after my pension until I'm 55 or older, and pay me MY money when it's due, they should switch their help lines from Scotland to Nigeria, because this whole experience up to now feels like a total scam job.

I'll keep this updated.  

dunstonh

I thought it was a reputable company, that was up until I reached 55 years of age around a month ago and claimed my 25% tax free lump sum (around £19000) from a private pension I have had for the last 34 years.

Well that explains why you are going to have issues.  Most plans from 34 years ago is not going to support drawdown options introduced 8 years ago.

Today almost 4 weeks after my claim for the tax free cash, I'm told there is "some" kind of problem with my account, which is odd because there was never a problem for the 34 years I have had the account when money was going in, I'm told I'll be receiving a letter in 3-5 working days, the girl couldn't tell me what the letter is about, god knows what it's gonna say, but I'm guessing it wont be good, absolutely incompetent these people.

It wouldn't surprise me if they turn around and say they cannot do it on your plan.  SW have been working on new software and bringing in some options with older plans but its not across the board yet (and probably never will be).

They had one job, look after my pension until I'm 55 or older, and pay me MY money when it's due, they should switch their help lines from Scotland to Nigeria, because this whole experience up to now feels like a total scam job.

When you took the pension out, you didn't have the option on the plan that you are asking them for now.    You never asked them for a drawdown plan.   They never supplied a drawdown plan.  You now want drawdown.  

slpierce

For arguments sake lets say everything you said is true.........

If that's the case why have they been sending me the same booklet every year for at least a decade showing the option to take 25% tax free lump sum on reaching 55 if it was never available to me?

I have kept the original pension documents from 34 years ago, and in there it also says I can take 25% tax free?

Sarahspangles

slpierce said:

For arguments sake lets say everything you said is true.........

If that's the case why have they been sending me the same booklet every year for at least a decade showing the option to take 25% tax free lump sum on reaching 55 if it was never available to me?

I have kept the original pension documents from 34 years ago, and in there it also says I can take 25% tax free?

Are you giving notice to start your pension at 55 i.e. take your pension commencement lump sum, the 25%, and then receive a pension each month? That was a fairly standard arrangement 30+ years ago. What wasn’t available then was taking a lump sum, and then leaving the rest of the pension deferred.

I’m not defending CM but I think you’re assuming they can do something that the pension wasn’t designed for.