Pension companies taking advantage?

SPlatten

A few weeks ago I started the process of transferring my Personal Pension that was hosted by LV= to AVIVA, last week my pension disappeared from the LV portal and then almost a week past then I got a notification from LV= earlier today saying the pension had transferred....now looking at the AVIVA portal I see no sign of it...whats going on and where are the funds, I would imagine that this process does not involve any individuals effort and I would think is a completely automated process, after I had started the transfer process I continued to monitor the LV= portal and notice that right up until the transfer had completed they continued to invest and before the transfer managed to loose approximately £3K.  I am powerless, the funds I am talking about is over £150K.  What is AVIVA now doing as there is no sign of my pension in either LV= or AVIVA, hopefully tomorrow it will show up.

El_Torro

The best thing you can do is ring Aviva and ask them what is going on. I assume they're the ones who initiated the transfer (at your request)

If your £150k pension lost £3k in the matter of a day or two that's a drop of 2%. Not something I'd be overly worried about, funds invested in stocks and shares often see this kind of movement.

Ayr_Rage

In all honesty, what are you expecting from this post?

Just call LV and AVIVA and ask what is the status of the transfer.

Your imagining that no human is involved may be incorrect.

The "loss" may have been worse in the new fund, depending on where it had been invested!

Sarahspangles

SPlatten said:

A few weeks ago I started the process of transferring my Personal Pension that was hosted by LV= to AVIVA, last week my pension disappeared from the LV portal and then almost a week past then I got a notification from LV= earlier today saying the pension had transferred....now looking at the AVIVA portal I see no sign of it...whats going on and where are the funds, I would imagine that this process does not involve any individuals effort and I would think is a completely automated process, after I had started the transfer process I continued to monitor the LV= portal and notice that right up until the transfer had completed they continued to invest and before the transfer managed to loose approximately £3K.  I am powerless, the funds I am talking about is over £150K.  What is AVIVA now doing as there is no sign of my pension in either LV= or AVIVA, hopefully tomorrow it will show up.

https://origo.com/assets/components/hero/Origo-Transfer-Index-1-July-2023-to-30-June-2024.pdf

Marcon

SPlatten said:

A few weeks ago I started the process of transferring my Personal Pension that was hosted by LV= to AVIVA, last week my pension disappeared from the LV portal and then almost a week past then I got a notification from LV= earlier today saying the pension had transferred....now looking at the AVIVA portal I see no sign of it...whats going on and where are the funds, I would imagine that this process does not involve any individuals effort and I would think is a completely automated process, after I had started the transfer process I continued to monitor the LV= portal and notice that right up until the transfer had completed they continued to invest and before the transfer managed to loose approximately £3K.  I am powerless, the funds I am talking about is over £150K.  What is AVIVA now doing as there is no sign of my pension in either LV= or AVIVA, hopefully tomorrow it will show up.

Yes, that's what you'd expect.

SPlatten said:

right up until the transfer had completed they continued to invest and before the transfer managed to loose approximately £3K.  I am powerless, the funds I am talking about is over £150K.  What is AVIVA now doing as there is no sign of my pension in either LV= or AVIVA, hopefully tomorrow it will show up.

'They' didn't lose anything. The funds in which you chose to invest dropped in value.

SPlatten

Quite literally on the phone to AVIVA now.  The reason for this post is just out of frustration, these companies are paid for their efforts and it seems they are squeezing out every little bit of blood they can.  They have received the funds, its just being transferred...whatever that means.

dunstonh

.whats going on and where are the funds, I would imagine that this process does not involve any individuals effort and I would think is a completely automated process, after I had started the transfer process I continued to monitor the LV= portal and notice that right up until the transfer had completed they continued to invest and before the transfer managed to loose approximately £3K. 

No, its not completely automated.  Even when Origo is used.   If Origo isn't used then its a very manual process.

Personally, I think you are premature. You say it only left the LV portal last week. The money is often sent in the post by cheque, and there are still set-up times for workflows depending on which Aviva pension you are using (some use older systems, some use more modern ones).        Aviva though are generally quite quick on these things.   LV less so in my experience.

Any changes in value are due to daily price movements.

cloud_dog

SPlatten said:

Quite literally on the phone to AVIVA now.  The reason for this post is just out of frustration, these companies are paid for their efforts and it seems they are squeezing out every little bit of blood they can.  They have received the funds, its just being transferred...whatever that means.

I assume you appreciate that not all IT systems update in the real time, some will apply updates overnight for example?  Perhaps just wait and allow the process to complete and check tomorrow.

squirrelpie

SPlatten said:

these companies are paid for their efforts and it seems they are squeezing out every little bit of blood they can.

I think you're being unduly harsh. They may be merely incompetent or perhaps more likely just working with old and imperfect systems.

Paşa

Can can I ask why you decided to move to Aviva? We’re you having problems with Liverpool Victoria?

mjm3346

Paşa said:

Can can I ask why you decided to move to Aviva? We’re you having problems with Liverpool Victoria?

Old thread OP was "Last Active: Dec 16, 2024"