WTW application

eastcorkram

Regarding help, the letter states, 'we cannot provide you with any advice in this regard, and recommend that you speak with a financial advisor '

eastcorkram

Also, if I don't need a certificate, how do I get round the following 

'We will be unable to put your benefits into payment, until you've provided this information to us, and a Transitional tax free amount certificate has been granted'

Sarahspangles

@Albermarle @FIREDreamer

i know you’ve both discussed these recently - it isn't mandatory for the OP to have one, is it? The WTW letter is written as if there is no way to progress without one?!

Brie

WTW can be a bit of a struggle.....I've got 3 pensions with them for 3 different employers and some teams have worked like crackers and others seem to drop off the edge of the world and are impossible.  

As to the original question - had this with the OH's DB pension recently and given that he has just the DB and his SP in a year the answer was No & No.  They were happy with this written beside the questions on their letter that was then scanned and emailed back.  Originally when he applied about 2 months before his birthday he was told processing might take 6 months.  They came back with the questions about the transitional tax thingme a few weeks later.  Emailed the answer back and they said great and that they'd process asap.  His tax free lump sum has come through but not his actual monthly payments which should start this week.  Birthday was in early November.  fyi it was an LV pension. 

I've also got an LV pension and that team is the best of the 3.  But likely also the easiest to deal with being DB - my other 2 are DC.

You might try seeing if you can log on to the WTW website.  A friend who I've worked with and so has similar pensions to mine has reported that their portal has improved recently.  This might be in part due to their move from Redhill to Sunderland - I think that happened mid year so there's likely been a big upheaval not just with their offices but with their staff as well which might account for some of the delays.  

eastcorkram

@Brie

Thanks for that. 

I did try calling them this morning, but lines not open till Monday. I also emailed them today. I'll see what they say. 

 I've no problem saying no to both points about applying for the certificate, but don't understand the bit about how, without a certificate being issued, they will not pay anything. 

If this drags on for a few months, then my plan B is to take some tax free from a SIPP. So that will confuse the issue, because then if WTW ask me if I've had anything, my answer would have to be yes. 

Brie

eastcorkram said:

I've no problem saying no to both points about applying for the certificate, but don't understand the bit about how, without a certificate being issued, they will not pay anything. 

They just need to know that they don't need to issue one really.  At least that's how I understood it.

LHW99

May get round the issue to just say you want one from WTW. I know II asked about having taken a lump sum previously, when he took a first UFPLS. We had to contact the DB scheme, as it was some years since that had been put into payment, and we were unsure what % he had received, as he only had an initial letter which had the words "may change" about the projected pension.

Albermarle

Brie said:

eastcorkram said:

I've no problem saying no to both points about applying for the certificate, but don't understand the bit about how, without a certificate being issued, they will not pay anything. 

They just need to know that they don't need to issue one really.  At least that's how I understood it.

That is how I would understand it.

I think some of the problems are that providers were unprepared for the change from LTA to LSA and some of the fine detail of the legislation could have been worded better.
When I first asked my SIPP provider about it ( as I had previously taken a DB without a lump sum) around 4 months ago, the advisor tried to be helpful but was struggling. He then phoned me back and said he had just found out that they were just at the stage of being able to issue a form to fill in to apply for one.

Also WTW are one of these big administrators with a poor reputation for dealing with any issues, or anything really.

eastcorkram

Albermarle said:

Brie said:

eastcorkram said:

I've no problem saying no to both points about applying for the certificate, but don't understand the bit about how, without a certificate being issued, they will not pay anything. 

They just need to know that they don't need to issue one really.  At least that's how I understood it.

Also WTW are one of these big administrators with a poor reputation for dealing with any issues, or anything really.

I'll be calling tomorrow.

Maybe I should just write this lump sum, and pension off and accept they'll never actually pay it!

I'll report back!

eastcorkram

Just to put this one to bed.

I called them on Monday 2nd December to ask about the certificate. I was told that I don't need it, and that I should email them to say that I will not be applying for it. 

I did that straight after the call. Had no further communication.

The tax free PCLS landed in my bank account this morning. 

No idea when the actual pension payments will begin. 

So, happy days. Two weeks left at work. I won't hear a bad word said about WTW. They're brilliant:)

Thanks for the comments. I'm not sure if I'll get asked about the certificate when I come to access SIPPs at some point over the next year or two.