Pension Advisor would want £21,000 for a failed transfer

ian16527

michael1234 said:

Good to know existing provider will want my approval for CETV release.

Now I have two IFAs in contention (Grove and Pension Works) although the former is obviously in second place right now.

I've realised they will of course both want a CETV before they can do any calculations. I'm thinking of getting that myself so that I can at least get the free abridged advice (and Full Advice quotation) before proceeding.

One other thing, I'm 53. Is that going to seriously tip the scales against a transfer as I'm not 55 ?

I had a transfer calculation with Grove via my IFA when I was consolidating my pensions.

I had 2 small DB pensions and Grove recommended not to transfer at the time (2018) but said come back if the CETV figures increased in a years time.

Luckily at the time they didnt charge for this, only if you went ahead.

michael1234

Thanks Ian  - always interesting to hear of others' experiences.

So my relationship with Grove hasn't started well. Turns out they have indeed requested a CETV "without"* my permission.

I'm clearly wet behind the ears as far as pensions are concerned but when I filled this in I do recall reading it. The problem is it wasn't clear at all to me who the "Dear Sirs" is addressed to. A quick read stupidly made me believe this was just to initiate the process with Grove and to sign that I wanted them to advise me on my pension benefits. Of course when they sent this to Mercer, it made perfect sense. You may conclude I've been stupid or you may think this is a bit sneaky of Grove or perhaps a bit of both.

2 days before the CETV was prepared, I also sent a secure message to Mercer and an email to Grove asking them not to release the CETV and not to ask for it respectively. Neither of them took any notice.

I thought the world of pensions was filled with boring but safe people. I guess its hardly the end of the world but annoying and possibly a further warning that there are sharks (not saying Grove are) in every industry.

Dazed_and_C0nfused

michael1234 said:

Thanks Ian  - always interesting to hear of others' experiences.

So my relationship with Grove hasn't started well. Turns out they have indeed requested a CETV "without"* my permission.

I'm clearly wet behind the ears as far as pensions are concerned but when I filled this in I do recall reading it. The problem is it wasn't clear at all to me who the "Dear Sirs" is addressed to. A quick read stupidly made me believe this was just to initiate the process with Grove and to sign that I wanted them to advise me on my pension benefits. Of course when they sent this to Mercer, it made perfect sense. You may conclude I've been stupid or you may think this is a bit sneaky of Grove or perhaps a bit of both.

2 days before the CETV was prepared, I also sent a secure message to Mercer and an email to Grove asking them not to release the CETV and not to ask for it respectively. Neither of them took any notice.

I thought the world of pensions was filled with boring but safe people. I guess its hardly the end of the world but annoying and possibly a further warning that there are sharks (not saying Grove are) in every industry.

I suspect you haven't done any lasting damage but given the wording of the first two paragraphs I am surprised this has been a surprise to you.

michael1234

I can only be completely honest and say it really was a surprise. I think its all about how you read it - who is the "Sirs" and who is "you" and who is "them" in those sentences.

LHW99

To be honest, my interpretation of the wording would not automatically assume that this includes providing details of the CETV.

Since these valuations are a) time limited, b) not (expected to be) necessary to know until the company has been formally appointed and c) cause the customer to incur additional cost should the company not be appointed, I would have thought that words such as "this will include details of any CETV available" or similar should be included to make clear this would happen.

dunstonh

I'm clearly wet behind the ears as far as pensions are concerned but when I filled this in I do recall reading it. The problem is it wasn't clear at all to me who the "Dear Sirs" is addressed to. A quick read stupidly made me believe this was just to initiate the process with Grove and to sign that I wanted them to advise me on my pension benefits. Of course when they sent this to Mercer, it made perfect sense. You may conclude I've been stupid or you may think this is a bit sneaky of Grove or perhaps a bit of both.

That is a pretty standard Letter of authority (LOA).   I doubt there was any sneakiness, but it does appear that communication was either not great or not understood.

michael1234

So my CETV has arrived. If I have inadvertently left in identifying info, I would of course be grateful for someone pointing that out!

The meat and potatoes seems to be in one document which I've attached minus page 2 which is just a bunch of information about me (name, address, NI number etc).

I'm sure most folk have better things to do than provide their thoughts about the likelihood of a "Yes Go For It!" decision based on not entirely complete information and for free to boot. But if anyone does have any thoughts they'd be happy to share I'd obviously be keen in hearing them?

All that notwithstanding the fact that as I understand it, even a form negative transfer recommendation wouldn't stop me from moving it to my newly opened Stakeholder Pension? If I'm doing the transfer though, I suspect I'd have to be _very_ careful about the Advice relating to an active CETV by the time the transfer starts.

Dazed_and_C0nfused

Appreciate it might have been mentioned earlier in this thread but given it's now running to 9 pages would you care to share the latest updated amount equivalent to the £6,246.24 entry?

And when that was revalued at.

HappyHarry

... or at least what the date of exit was?

michael1234

Hang on  - the 2023 statement I havew in front of me shows it being £6191.64