Surrender value takes 15 to 20 days

Notebook

Hi
Requested a surrender value and this takes 15 to 20 days - is this normal?
The pension is a final salary guaranteed type jobby.
Is it possible to move it from the current provider to another without losing its terms and conditions etc so it would be just the same, but with someone who provides quicker info if required?
Thanks

DRS1

Does your current employer provide a final salary guaranteed type jobby which will receive transfers in?

My guess would be no but there are some public sector ones out there (well DB ones).

Notebook

DRS1 said:

Does your current employer provide a final salary guaranteed type jobby which will receive transfers in?

My guess would be no but there are some public sector ones out there (well DB ones).

No they dont

dunstonh

Requested a surrender value and this takes 15 to 20 days - is this normal?

The reference to surrender value could be the reason.

You don't get surrender values on pensions.  You get them on investment bonds, endowments and whole of life assurance plans.    So, it could be that the timescale given is longer because the person you spoke to didn't know what you were asking for or may be guessing that you are referring to a CETV, which can take time to arrange.

Is it possible to move it from the current provider to another without losing its terms and conditions etc so it would be just the same, but with someone who provides quicker info if required?

No its not.

Notebook

dunstonh said:

Requested a surrender value and this takes 15 to 20 days - is this normal?

The reference to surrender value could be the reason.

You don't get surrender values on pensions.  You get them on investment bonds, endowments and whole of life assurance plans.    So, it could be that the timescale given is longer because the person you spoke to didn't know what you were asking for or may be guessing that you are referring to a CETV, which can take time to arrange.

Is it possible to move it from the current provider to another without losing its terms and conditions etc so it would be just the same, but with someone who provides quicker info if required?

No its not.

Hi
Spoken to them over the years and that was their terminology - straight off topic - question was could I move it lol

Marcon

Notebook said:

Hi
Requested a surrender value and this takes 15 to 20 days - is this normal?
The pension is a final salary guaranteed type jobby.
Is it possible to move it from the current provider to another without losing its terms and conditions etc so it would be just the same, but with someone who provides quicker info if required?
Thanks

It's not normal; it's extremely quick. A defined benefit scheme has 3 months and 10 days from the time you make the request for a 'Cash Equivalent Transfer Value' (even if you call it something else!) to provide it.

Why would 'quicker info if required' be important? Is this needed in relation to divorce proceedings - and if so, have you told the scheme that? You must do so otherwise the information won't be in the required format.

Alternatively, as you in poor health? If that's the reason you need a figure quickly, telling the scheme administrators should get you a sympathetic hearing.

dunstonh

Notebook said:

dunstonh said:

Requested a surrender value and this takes 15 to 20 days - is this normal?

The reference to surrender value could be the reason.

You don't get surrender values on pensions.  You get them on investment bonds, endowments and whole of life assurance plans.    So, it could be that the timescale given is longer because the person you spoke to didn't know what you were asking for or may be guessing that you are referring to a CETV, which can take time to arrange.

Is it possible to move it from the current provider to another without losing its terms and conditions etc so it would be just the same, but with someone who provides quicker info if required?

No its not.

Hi
Spoken to them over the years and that was their terminology - straight off topic - question was could I move it lol

Bizarre for them to refer to it as surrender value seeing as you cannot surrender and it doesn't have a surrender value.

How did they go off-topic?

Marcon

dunstonh said:

Notebook said:

dunstonh said:

Requested a surrender value and this takes 15 to 20 days - is this normal?

The reference to surrender value could be the reason.

You don't get surrender values on pensions.  You get them on investment bonds, endowments and whole of life assurance plans.    So, it could be that the timescale given is longer because the person you spoke to didn't know what you were asking for or may be guessing that you are referring to a CETV, which can take time to arrange.

Is it possible to move it from the current provider to another without losing its terms and conditions etc so it would be just the same, but with someone who provides quicker info if required?

No its not.

Hi
Spoken to them over the years and that was their terminology - straight off topic - question was could I move it lol

Bizarre for them to refer to it as surrender value seeing as you cannot surrender and it doesn't have a surrender value.

How did they go off-topic?

Just looked at OP's previous threads. This is a buy out with Rothesay Life, with an individual policy - which I guess explains the 'insurance' terminology.

Notebook

dunstonh said:

Notebook said:

dunstonh said:

Requested a surrender value and this takes 15 to 20 days - is this normal?

The reference to surrender value could be the reason.

You don't get surrender values on pensions.  You get them on investment bonds, endowments and whole of life assurance plans.    So, it could be that the timescale given is longer because the person you spoke to didn't know what you were asking for or may be guessing that you are referring to a CETV, which can take time to arrange.

Is it possible to move it from the current provider to another without losing its terms and conditions etc so it would be just the same, but with someone who provides quicker info if required?

No its not.

Hi
Spoken to them over the years and that was their terminology - straight off topic - question was could I move it lol

Bizarre for them to refer to it as surrender value seeing as you cannot surrender and it doesn't have a surrender value.

How did they go off-topic?

I just wanted to know if I can transfer it to a different provider without losing its properties - Thanks

Notebook

Marcon said:

dunstonh said:

Notebook said:

dunstonh said:

Requested a surrender value and this takes 15 to 20 days - is this normal?

The reference to surrender value could be the reason.

You don't get surrender values on pensions.  You get them on investment bonds, endowments and whole of life assurance plans.    So, it could be that the timescale given is longer because the person you spoke to didn't know what you were asking for or may be guessing that you are referring to a CETV, which can take time to arrange.

Is it possible to move it from the current provider to another without losing its terms and conditions etc so it would be just the same, but with someone who provides quicker info if required?

No its not.

Hi
Spoken to them over the years and that was their terminology - straight off topic - question was could I move it lol

Bizarre for them to refer to it as surrender value seeing as you cannot surrender and it doesn't have a surrender value.

How did they go off-topic?

Just looked at OP's previous threads. This is a buy out with Rothesay Life, with an individual policy - which I guess explains the 'insurance' terminology.

Marcon said:

dunstonh said:

Notebook said:

dunstonh said:

Requested a surrender value and this takes 15 to 20 days - is this normal?

The reference to surrender value could be the reason.

You don't get surrender values on pensions.  You get them on investment bonds, endowments and whole of life assurance plans.    So, it could be that the timescale given is longer because the person you spoke to didn't know what you were asking for or may be guessing that you are referring to a CETV, which can take time to arrange.

Is it possible to move it from the current provider to another without losing its terms and conditions etc so it would be just the same, but with someone who provides quicker info if required?

No its not.

Hi
Spoken to them over the years and that was their terminology - straight off topic - question was could I move it lol

Bizarre for them to refer to it as surrender value seeing as you cannot surrender and it doesn't have a surrender value.

How did they go off-topic?

Just looked at OP's previous threads. This is a buy out with Rothesay Life, with an individual policy - which I guess explains the 'insurance' terminology.

Thats correct