pension transfer taking 12 weeks and counting - is this normal??

rorysmum

And what can I do about it??

Started a transfer of my pension from Virgin Money to Fidelity in December 2023. A smaller pension was transferred from Scottish Widows to Fidelity at the same time and went through in days. Virgin Money requested signed forms (fine, get that they have to be careful) and they received the signed discharged forms on 31st January. 

That is 12 weeks ago and they are STILL sitting on my money. Have started a formal complaint, sent endless emails, sat on their phoneline for ever, and all they tell me is that it's with the admin department and they'll "expedite" it. Well if 12 weeks is the speedy service i'd hate to experience the slow service. 

Is this really the norm for pension transfers? 12 sodding weeks??

Universidad

rorysmum said:

Is this really the norm for pension transfers? 12 sodding weeks??

My last transfer took 15 months start to finish. Now I think that is slower than normal, but my definition of slow now involves feeling noticably older by the time it's finished.

dunstonh

Started a transfer of my pension from Virgin Money to Fidelity in December 2023. A smaller pension was transferred from Scottish Widows to Fidelity at the same time and went through in days. 

SW and Fidelity both use Origo.   Virgin Money does not.  It uses the same method as 30 years ago.  3 months was typical back then.

Is this really the norm for pension transfers? 12 sodding weeks??

it is for those using the old fashioned way or if your transfer has been flagged under amber or red flags

rorysmum

It just seems that banking has moved on so much - you can transfer money through an app and it's there in seconds. Yet in some financial services processes it's still pen, paper, and letters in the post. 

SO frustrating. 

rorysmum

Just bumping this to say I'm still waiting. 

I have put in an official complaint to Virgin and received a "we're very sorry our service standards weren't what you expected" email and £100 as a gesture of goodwill. It's now 19 weeks since they had the discharge forms. When I log in, the Virgin site now says "your account is closing" but the transfer still has not gone through. 

This is by far the worst customer service I have ever received from any financial services company, ever. Avoid avoid avoid. 

cloud_dog

You should be thankful you are not with Prudential

Roger175

cloud_dog said:

You should be thankful you are not with Prudential

Please don't say that , I instigated a transfer from Pru to A J Bell last night. What should I expect?

I instructed a transfer from HL to AJB last Weds (5th) and the money has already left HL and I am hoping it will show with AJB in the next few days.

SouthCoastBoy

I'm dreading my wtw transfer. Think I will need to instruct it in plenty of time, maybe allow 18 mths !

dunstonh

Please don't say that  , I instigated a transfer from Pru to A J Bell last night. What should I expect?

About 5-8 working days if Origo is being used and there are no safeguarded benefits.

xylophone

https://www.thisismoney.co.uk/money/pensions/article-13446901/I-want-work-pension-started-new-job-taken-nearly-year-CRANE-CASE.html

cloud_dog

dunstonh said:

Please don't say that  , I instigated a transfer from Pru to A J Bell last night. What should I expect?

About 5-8 working days if Origo is being used and there are no safeguarded benefits.

@Roger175it will be very good if you could confirm the transfer timescales for Pru.  I may have been a little harsh on the Pru as it took them 10 months to finally accept that they had not credited my account with a £3k contribution, and (as Duntonh points out) my transfers were out of a AVC scheme and so theoretically could have had safeguarded benefits.  Having said that, there is an entire thread dedicated to the pain that is (certainly was) Pru.