Virgin Money issues

Tomevans35

Is anyone else having issues with virgin money pension transfers? 

I have been attempting to move to pensions from virgin money to another platform. I have been waiting since January, I have raised a formal complaint but whenever I call up I get no real answers. 

Apparently they are no longer authorised by the FCA. What do I do next? 

xylophone

Apparently they are no longer authorised by the FCA.

https://uk.virginmoney.com/virgin/assets/pdf/pension-terms.pdf

21 . Who we are

The Virgin Money Personal Pension Scheme is a registered pension scheme (Pension Scheme Tax Ref 20003060RB). Most customers (and all new customers) are in this scheme.

The Virgin Money Ex-Workplace Personal Pension Scheme is a registered pension scheme (Pension Scheme Tax Ref 20003969RZ). This scheme is for customers who originally had their pension with us through their employer.

We’re Virgin Money Unit Trust Managers Limited, the administrator of both pension schemes.

We’re authorised and regulated by the Financial Conduct Authority. Our Financial Services Register number is 171748.

Our registered address is Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL.

Virgin Money Trustee Limited is the trustee of both pension schemes.

Key features

If you want to transfer your Pension to another provider, they’ll tell you what you need to do – and they’ll get in touch with us to arrange it. Once we’ve received the information we need, we’ll arrange for the transfer to your new provider.

If you’re asking to transfer part of your Pension, you’ll need to specify the cash amount. It will be this amount which is transferred.

We can only complete transactions after we’ve received all the information we need, and have completed our checks.

What does your  chosen new provider have to say?

Tomevans35

Both my provider and Virgin have confirmed they have everything they need, they just haven’t done the transfer and can’t confirm when it will happen. 

Tomevans35

Ah I see, slightly different company.

xylophone

You say that you have raised a formal complaint.

Are you saying that you have had no response at all?

dunstonh

Is anyone else having issues with virgin money pension transfers? 

Usually sluggish but never any problems.

I have been attempting to move to pensions from virgin money to another platform. I have been waiting since January, I have raised a formal complaint but whenever I call up I get no real answers. 

There is nearly always a reason for a hold up.   Its knowing that reason that makes all the difference.

There is a maximum timescale for them to act and they are getting close to breaching that.  So, wait for the complaint outcome.

Marcon

Tomevans35 said:

Is anyone else having issues with virgin money pension transfers? 

I have been attempting to move to pensions from virgin money to another platform. I have been waiting since January, I have raised a formal complaint but whenever I call up I get no real answers. 

Apparently they are no longer authorised by the FCA. What do I do next? 

I imagine from what you've posted above that you are concerned about the fact they are no longer authorised by the FCA. You don't need to be - your money is ring fenced and it will be safe and protected, however long the transfer takes.