Aegon being obstructive when transferring pension

PaperMari0

I work for a very large company, a global household name, that offered us an IFA, again from a very well known UK company

Aegon have been very difficult to get my pensions from. They said I'd been flagged and I had to fill in a four page form

I did this, and weeks on after several round robins they've now said I haven't had proper advice from an IFA, they are absolutely insisting I now go to a 'third party' callwed Moneyhelper

I'm really frazzled and anxious about this. They know who the transfer came from, the idea that they're not similarly qualified to give advice is unjustifiable

I know the argument is they're looking out for scams but honestly I've been working with the IFA for a year. My Aegon pensions were set up without any input from me,

dunstonh

Aegon have been very difficult to get my pensions from. They said I'd been flagged and I had to fill in a four page form

The red/amber flags are a legal requirement on pension providers.  If a flag is raised, then it has to be dealt with.  Some discretion is allowed by the provider once they have sufficient detail to be happy its not an issue.

I did this, and weeks on after several round robins they've now said I haven't had proper advice from an IFA, they are absolutely insisting I now go to a 'third party' callwed Moneyhelper

Advice is regulated.  You either have it or you do not.     So, have you had regulated advice or was it just a chat with an IFA or third party? 
Regulated advice comes at a cost.   So, have you paid for that advice.

The receiving scheme would give the ceding scheme the FCA number of the advice firm.  If that is missing or the wrong number was given, it will raise a flag.   i.e. if you said that ABC Ltd gave you advice but the FCA number listed a firm that was called XYZ ltd then its not a match and raises a fraud flag.

If you have used a receiving provider that hasn't used the agency of the IFA, then that provider would say "no advice" to Aegon.

Moneyhelper is anti-fraud service.  So, Aegon believes you are at high risk of fraud.

I'm really frazzled and anxious about this. They know who the transfer came from, the idea that they're not similarly qualified to give advice is unjustifiable

It is totally justifiable.    You have had high risk flags raised and haven't been able to answer their questions and it appears that your claim you had advice was not correct.   That in itself raises further flags.

I know the argument is they're looking out for scams but honestly I've been working with the IFA for a year. My Aegon pensions were set up without any input from me,

It has nothing to do with setting up the Aegon pension. Its where you are trying to transfer it to.  

Aegon being obstructive when transferring pension

So, based on what you have said, no, Aegon is not being obstructive.  

The most common flag raised is if you are transferring to a pension that allows investments domiciled overseas (all SIPPs get captured by that).
If it was an Origo transfer, that flag would usually be disregarded, as pension providers that use Origo are typically treated as safe mainstream providers. If it's going to a provider that doesn't use Origo, then that flag would need further questions.      
Based on the answers to those questions, it will either satisfy them, leave them unanswered or raise more flags.

I have had a couple of these, and they are frustrating, but Aegon transfers go through cleanly for me.  However, I only use providers that use Origo.  It is usually the occupational old-school administrators that are difficult by not using discretion).

If you have paid for an IFA, what is the IFA telling you to resolve this?

Pat38493

Also if you have an IFA that you have been working with on an ongoing basis for a year or more, why isn't the IFA taking care of this?  Are you sure you are actually under an IFA?

xylophone

I can't work out what is going on.

You say that your company offered the services of an IFA.

Is this because your company pension (administered by Aegon) has safeguarded benefits?

The IFA has given a positive recommendation but Aegon are not content?

Marcon

PaperMari0 said:

I work for a very large company, a global household name, that offered us an IFA, again from a very well known UK company

Aegon have been very difficult to get my pensions from. They said I'd been flagged and I had to fill in a four page form

I did this, and weeks on after several round robins they've now said I haven't had proper advice from an IFA, they are absolutely insisting I now go to a 'third party' callwed Moneyhelper

I'm really frazzled and anxious about this. They know who the transfer came from, the idea that they're not similarly qualified to give advice is unjustifiable

I know the argument is they're looking out for scams but honestly I've been working with the IFA for a year. My Aegon pensions were set up without any input from me,

So what's your IFA said about all of this? They should have been able to set your mind at rest in a matter of moments.

PaperMari0

Marcon said:

PaperMari0 said:

I work for a very large company, a global household name, that offered us an IFA, again from a very well known UK company

Aegon have been very difficult to get my pensions from. They said I'd been flagged and I had to fill in a four page form

I did this, and weeks on after several round robins they've now said I haven't had proper advice from an IFA, they are absolutely insisting I now go to a 'third party' callwed Moneyhelper

I'm really frazzled and anxious about this. They know who the transfer came from, the idea that they're not similarly qualified to give advice is unjustifiable

I know the argument is they're looking out for scams but honestly I've been working with the IFA for a year. My Aegon pensions were set up without any input from me,

So what's your IFA said about all of this? They should have been able to set your mind at rest in a matter of moments.

That it was a random check but they've been as frustrated as I that Aegon has rejected the completed forms and provided an entirely spurious reasoning for why they flagged it, one they refused to engage with me on when I called

PaperMari0

dunstonh said:

It has nothing to do with setting up the Aegon pension. Its where you are trying to transfer it to.  

You've misunderstood my point. I thought I had explained it clearly enough that when you join a company that offers a private pension it gets set up. There's no obvious oversight for the employee. Nothing compared to apparently what you get subjected to when you say you want to move your money elsewhere

Marcon

PaperMari0 said:

Marcon said:

PaperMari0 said:

I work for a very large company, a global household name, that offered us an IFA, again from a very well known UK company

Aegon have been very difficult to get my pensions from. They said I'd been flagged and I had to fill in a four page form

I did this, and weeks on after several round robins they've now said I haven't had proper advice from an IFA, they are absolutely insisting I now go to a 'third party' callwed Moneyhelper

I'm really frazzled and anxious about this. They know who the transfer came from, the idea that they're not similarly qualified to give advice is unjustifiable

I know the argument is they're looking out for scams but honestly I've been working with the IFA for a year. My Aegon pensions were set up without any input from me,

So what's your IFA said about all of this? They should have been able to set your mind at rest in a matter of moments.

That it was a random check but they've been as frustrated as I that Aegon has rejected the completed forms and provided an entirely spurious reasoning for why they flagged it, one they refused to engage with me on when I called

Have you given your IFA authority to liaise with Aegon if the IFA is so sure it is a 'spurious' reason?

PaperMari0 said:

dunstonh said:

It has nothing to do with setting up the Aegon pension. Its where you are trying to transfer it to.  

You've misunderstood my point. I thought I had explained it clearly enough that when you join a company that offers a private pension it gets set up. There's no obvious oversight for the employee. Nothing compared to apparently what you get subjected to when you say you want to move your money elsewhere

You've not said what the destination scheme is. On the one hand you are criticising Aegon for being obstructive in paying over a transfer, but you now seem to be saying Aegon is the provider of your current workplace scheme ('My Aegon pensions were set up without any input from me').

It's not the provider of the scheme to which you wish to transfer, but the funds in which you have chosen to invest that would be causing the problem. Maybe change your choice of funds, and then do some fund switching once the transfer has taken place?

dunstonh

PaperMari0 said:

Marcon said:

PaperMari0 said:

I work for a very large company, a global household name, that offered us an IFA, again from a very well known UK company

Aegon have been very difficult to get my pensions from. They said I'd been flagged and I had to fill in a four page form

I did this, and weeks on after several round robins they've now said I haven't had proper advice from an IFA, they are absolutely insisting I now go to a 'third party' callwed Moneyhelper

I'm really frazzled and anxious about this. They know who the transfer came from, the idea that they're not similarly qualified to give advice is unjustifiable

I know the argument is they're looking out for scams but honestly I've been working with the IFA for a year. My Aegon pensions were set up without any input from me,

So what's your IFA said about all of this? They should have been able to set your mind at rest in a matter of moments.

That it was a random check but they've been as frustrated as I that Aegon has rejected the completed forms and provided an entirely spurious reasoning for why they flagged it, one they refused to engage with me on when I called

Its wont be a random check.  That is not how the flag system works.  The flags are raised due to specific things.  There is nothing random about it.

The normal front-line staff won't deal with flagged cases. They won't engage with you. 

You've misunderstood my point. I thought I had explained it clearly enough that when you join a company that offers a private pension it gets set up. There's no obvious oversight for the employee. Nothing compared to apparently what you get subjected to when you say you want to move your money elsewhere

You haven't really explained anything. A bit of a vent but no detail.   What you appear to have described though is the standard risk flags on pension transfers.   Your transfer request has triggered some of the amber/red flags.   However, your posts are unclear.   

As your IFA is not providing you with any useful help, we can help if you provide us with some details. 
i.e.    Who is the pension going to?
what type of pension is it going to?
Is it going through the IFA or are you doing it yourself (that includes going to a new workplace pension)?
Which flags have been raised?

you mentioned that there is an IFA, but the receiving scheme has told Aegon there isn't an IFA (or at least it wasn't regulated advice).  So, how have you engaged this IFA?  i.e. regulated advice,  a few minutes on the phone etc?  Did you pay the adviser and receive a transfer report that recommended the transfer?

If all you want to do is vent then fair enough.   Just say so and we can add you to our ignore lists.   If you want some help, then we can do that but you need to engage with us.     You are doing what you are accusing Aegon of doing.

squirrelpie

I find this whole thread very confusing. We know it involves a well-known international company, but we don't know in which country or what nationality the OP is or where they work. We know Aegon is somehow involved but whether it's regarding an active pension or a deferred one we don't. We know there's an IFA from a well-known firm but we don't know their qualifications. And I really don't understand the point of the OP's response to dunstonh - it confuses me further rather than clarifies.

Marcon

squirrelpie said:

I find this whole thread very confusing. We know it involves a well-known international company, but we don't know in which country or what nationality the OP is or where they work. We know Aegon is somehow involved but whether it's regarding an active pension or a deferred one we don't. We know there's an IFA from a well-known firm but we don't know their qualifications. And I really don't understand the point of the OP's response to dunstonh - it confuses me further rather than clarifies.

It's confusing because OP is confused - and getting frustrated and annoyed as their confusion deepens. Framing a question or complaint isn't always easy if you aren't sure of your ground - the more so where the IFA doesn't seem to be doing anything remotely useful. That might be because they haven't actually been asked to do so - without more detail it's impossible to know, and unfair to pre-judge the issue, but one does wonder exactly what their role has been.

OP - what's the big deal about a short, routine chat with MoneyHelper? It's free and will ensure the correct box is ticked, enabling your transfer to proceed. You may have to wait a while, but the sooner you get it booked in, the sooner things can move forward.