A pain in the PLUMs

Riojo2025

Similar transfer out problems for me too.  I requested my transfer on 30th May and 6 weeks down the line I’m still no further forward.  Plum couldn’t locate the first transfer request so my new provider did another which no one seems to be able to give me a status update on.  I will never use Plum again and I too question MSE recommending them….. and don’t get me started on this shifting interest to the next month malarkey!  

There are serious flaws in their administration systems.  I think the Financial Ombudsman will also be the next step for me. 

GinMummy

Hi 
I rather foolishly opened a SIPP with Plum. But then decided to cancel it. I was within the 30 day cancellation time. I messaged them, sent the paperwork etc. They then tell me that I opened the pension in August 2024. I have no record of this happening. There was no indication on the app that this had happened? So they say I cannot cancel the sipp because the pension was opened in 2024. I am very upset. This just feels so scam like and unfair. I don't know what I can do about it. Nothing really. I guess I just leave it there. Keep an eye on it and wait till I'm over 60 or whatever age is applied. Sigh. Avoid Plum. 

eskbanker

GinMummy said:

Hi 
I rather foolishly opened a SIPP with Plum. But then decided to cancel it. I was within the 30 day cancellation time. I messaged them, sent the paperwork etc. They then tell me that I opened the pension in August 2024. I have no record of this happening. There was no indication on the app that this had happened? So they say I cannot cancel the sipp because the pension was opened in 2024. I am very upset. This just feels so scam like and unfair. I don't know what I can do about it. Nothing really. I guess I just leave it there. Keep an eye on it and wait till I'm over 60 or whatever age is applied. Sigh. Avoid Plum. 

Why not just transfer it elsewhere?

jimjames

flat_to_stack said:

jellyhead2 said:

Hi,
I would not recommend plum - as they don't add interest for say May until After the first of July.
The rate for existing customers after 1 year is not great.
I have just done a transfer out - and it took almost a month and completed on the 30/6.
So they have now added my May interest to the account (the plum isa that is). Apparently there are 2 options - I can initiate another transfer - or just take the interest out of the isa world completely - which is not ideal.
Also I believe I wont get any interest for June as you forfeit the current months interest - which in my case was 30 days. 
I really don't think MSE should be recommending this account at all. 
Trading 212 - has been great and they add the interest every day.

I'm thinking of reporting them to the financial ombudsman and 2nd your view on thinking MSE should not recommend them 

MSE don't recommend any providers, they provide a list for users to be able to choose from that meet certain criteria like being FSCS protected. It's down to the person to choose the one that meets their requirements.

SFCooper

I’d avoid Plum like the plague.

masonic

GinMummy said:

Hi 
I rather foolishly opened a SIPP with Plum. But then decided to cancel it. I was within the 30 day cancellation time. I messaged them, sent the paperwork etc. They then tell me that I opened the pension in August 2024. I have no record of this happening. There was no indication on the app that this had happened? So they say I cannot cancel the sipp because the pension was opened in 2024. I am very upset. This just feels so scam like and unfair. I don't know what I can do about it. Nothing really. I guess I just leave it there. Keep an eye on it and wait till I'm over 60 or whatever age is applied. Sigh. Avoid Plum. 

If you somehow managed to apply for a SIPP in 2024 as they say, but had no knowledge of it and therefore didn't fund it, and have never received any communication about it, then just ignore it. An empty SIPP doesn't prevent you opening one elsewhere. There's no reason to be upset. If you hadn't applied recently you'd never have known the original one existed. Though it seems unlikely you'd be able to apply for another and be accepted if you already had one, and they tend to send an email with the application details when you open a new account, so if that was received a month or two ago, it would be evidence they are mistaken.

Anyway, it looks like the SIPP provider's terms state (clause 6): "The value of your Plum SIPP must be maintained above the minimum value of £1. The Pension Provider may change the minimum value from time to time and will notify you of any such change. In the event that the value of your Plum SIPP remains below this value for more than a 12-month period, then the Pension Provider may require us to close your Plum SIPP by giving notice to you." So if empty, just wait a few more weeks, or if you recently funded it after thinking you opened a new account, just transfer to wherever you'd rather hold a SIPP as suggested above.

Looking at the charges, it is hardly the best product on the market.

Middle_of_the_Road

jimjames said:

flat_to_stack said:

jellyhead2 said:

Hi,
I would not recommend plum - as they don't add interest for say May until After the first of July.
The rate for existing customers after 1 year is not great.
I have just done a transfer out - and it took almost a month and completed on the 30/6.
So they have now added my May interest to the account (the plum isa that is). Apparently there are 2 options - I can initiate another transfer - or just take the interest out of the isa world completely - which is not ideal.
Also I believe I wont get any interest for June as you forfeit the current months interest - which in my case was 30 days. 
I really don't think MSE should be recommending this account at all. 
Trading 212 - has been great and they add the interest every day.

I'm thinking of reporting them to the financial ombudsman and 2nd your view on thinking MSE should not recommend them 

MSE don't recommend any providers, they provide a list for users to be able to choose from that meet certain criteria like being FSCS protected. It's down to the person to choose the one that meets their requirements.

You may say that, but they do offer this...

masonic

As the saying goes, one man's medicine is another man's poison. Following "what we'd go for" if your priority isn't "rates not service" may not end well.

Ch1ll1Phlakes

Middle_of_the_Road said:

jimjames said:

flat_to_stack said:

jellyhead2 said:

Hi,
I would not recommend plum - as they don't add interest for say May until After the first of July.
The rate for existing customers after 1 year is not great.
I have just done a transfer out - and it took almost a month and completed on the 30/6.
So they have now added my May interest to the account (the plum isa that is). Apparently there are 2 options - I can initiate another transfer - or just take the interest out of the isa world completely - which is not ideal.
Also I believe I wont get any interest for June as you forfeit the current months interest - which in my case was 30 days. 
I really don't think MSE should be recommending this account at all. 
Trading 212 - has been great and they add the interest every day.

I'm thinking of reporting them to the financial ombudsman and 2nd your view on thinking MSE should not recommend them 

MSE don't recommend any providers, they provide a list for users to be able to choose from that meet certain criteria like being FSCS protected. It's down to the person to choose the one that meets their requirements.

You may say that, but they do offer this...
(see pic above)

Yeah, I get what you mean but MSE doesn't review providers. They give lists highlighting high interest rates to try to help savers benefit from them. As mentioned, whether you choose that provider is up to you. They give a summary of each account savings people loads of time comparing accounts. The MSE page never says that their list gives you the best savings provider, just the best interest rate.

Middle_of_the_Road

Ch1ll1Phlakes said:

Middle_of_the_Road said:

jimjames said:

flat_to_stack said:

jellyhead2 said:

Hi,
I would not recommend plum - as they don't add interest for say May until After the first of July.
The rate for existing customers after 1 year is not great.
I have just done a transfer out - and it took almost a month and completed on the 30/6.
So they have now added my May interest to the account (the plum isa that is). Apparently there are 2 options - I can initiate another transfer - or just take the interest out of the isa world completely - which is not ideal.
Also I believe I wont get any interest for June as you forfeit the current months interest - which in my case was 30 days. 
I really don't think MSE should be recommending this account at all. 
Trading 212 - has been great and they add the interest every day.

I'm thinking of reporting them to the financial ombudsman and 2nd your view on thinking MSE should not recommend them 

MSE don't recommend any providers, they provide a list for users to be able to choose from that meet certain criteria like being FSCS protected. It's down to the person to choose the one that meets their requirements.

You may say that, but they do offer this...
(see pic above)

Yeah, I get what you mean but MSE doesn't review providers. They give lists highlighting high interest rates to try to help savers benefit from them. As mentioned, whether you choose that provider is up to you. They give a summary of each account savings people loads of time comparing accounts. The MSE page never says that their list gives you the best savings provider, just the best interest rate.

I get what you say, which is often stated on here. 
I would suggest though, that the text I indicated, could easily be seen as an endorsement.
To avoid such confusion, and the regular complaints posted on here, removing that single line of text wouldn't hurt.