Anyone cashed in a NEST pension?

Truro_Paul

I am sat here shaking my head in disbelief.

I sent my alternative bank details by Special Delivery on Tuesday. 

On Wednesday I just missed the postman and there was a red card with a Special Delivery letter that would be redelivered yesterday. I called NEST and they confirmed they had sent the letter and that my bank details had been confirmed and when I got hold of it all I had to do was call them with a code written inside and they would transfer my funds.

True to form Royal Mail didn't redeliver yesterday so I picked up the letter form the Delivery Centre this morning. With eager anticipation I opened it, not to find this magic code but rather it was the same letter they have sent me twice before asking me to confirm alternative bank details...!? 

However, I rang them and played dumb, just saying I had the letter, repeated what I had been told on the phone and could I transfer my funds please? No, and suddenly her cheery voice changed to one of doubt, as she "wasn't authorised to do" this but a "member of the specialist team would give me a callback" When? "Hopefully today" So that will be next week then...

What a total fiasco. Unless there is a positive outcome with this callback - which I very much doubt - then I have been blatantly lied to by their call centre staff who are clearly trained just to tell you what you want to hear.

Thank goodness this money was only for a treat, imagine if it was needed for a deposit on a flat or urgent car repairs? 

Truro_Paul

Update for anyone who will find themselves in this situation.

I decided to call back and spoke to a different call handler. I set out exactly what was going on in a calm and pleasant voice (as always) and I received a more coherent reply. The "code" was the reference number to the letter I had received and the specialist team would call me, ask me this reference number and then my bank details. So it is a basic security measure to ensure the letter was received at my address etc. He then put me on hold and checked my callback. It hadn't been arranged by the first call handler. Put me on hold again and came back to I will receive a callback "within 24 hours".

It would help if the call centre was in the UK as the Indian call handlers are very nice seem to struggle with the nuances of the English language. Speaking in a second language is difficult and can cause anxiety (FLA: Foreign Language Anxiety) and I think they get flustered and then just say whatever to get you off the phone.

At least that is what I hope, time will tell if he was more efficient or just better at fobbing me off...

Truro_Paul

Second update:

Received the callback, thanked them for being so quick. My original bank account was confirmed (*sigh*) by giving last three digits of account number and sort code. Confirmed I wish to take the full amount and that this will be processed but he can not provide a timeframe for this, however it was the "final security step".

20th April to 24th May just to get through security and still no money or date when I will get paid. But it is progress.

xylophone

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

A transfer rather than cash in but just the same appalling inefficiency.

Truro_Paul

This is great comment from that a article you linked:

"The passive aggressive air of the emails was so thick you could cut it with a knife."

That describes my callback, you are treated as if you have asked them for an unsecured bank loan or credit card rather than your own money.

Looking back on what has taken place so far the language the use in their letters in contradictory: we cannot verify your bank details, please snd us an alternative UK bank account (not this or that) and if you cannot provide another bank account you will have to call us"

What they actually mean is "call us and we will send you a letter with a reference, call us and our team will callback and confirm your bank details"

The former is so negative I didn't even bother trying until this third letter, after all they have told me they cannot verify my bank account so what difference would a call make?

xylophone

Time for a formal complaint.

Truro_Paul

Fortunately I can wait a month or so for the funds and I am now actually intrigued as to how long this process will take and just how incompetent they might be. I am keeping all the evidence, screenshots etc and will make a formal complaint to The Pensions Regulator once i have been paid. I daren't do it before as NEST will probably withhold payment whist they investigate.

Truro_Paul

Update for those interested or thinking of cashing in a NEST pension.

Process started on 20th April and now in early-June they first restricted my account and told me my payment was processing and then today I received a text message to expect the funds within 5 working days and when I checked my accounts as closed.

Dare I book that holiday...? 

Truro_Paul

* account is closed

penners324

Why not lodge a complaint with the Pension Regulator?