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Equitable Life with profits pension / takeover.

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  • BlondeHeadOnBlondeHeadOn Forumite
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    I have an EQ with-profits pension, and was due to start taking my pension in August this year. EQ have sent me info suggesting that I should defer my retirement date by 2 years beacause of the takeover and expected uplift. In fact this is the default position for me - if I do nothing then my pension date will automatically be deferred for 2 years.

    I'm thinking that I would prefer to defer for just 1 year, then take my 'uplifted' pension, but I'm not sure if this is possible. I also don't know if I could defer again for another year if that looks like a better option next August.

    Does anyone have any views - or experience of this kind of scenario?
  • POPPYOSCARPOPPYOSCAR Forumite
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    I have an EQ with-profits pension, and was due to start taking my pension in August this year. EQ have sent me info suggesting that I should defer my retirement date by 2 years beacause of the takeover and expected uplift. In fact this is the default position for me - if I do nothing then my pension date will automatically be deferred for 2 years.

    I'm thinking that I would prefer to defer for just 1 year, then take my 'uplifted' pension, but I'm not sure if this is possible. I also don't know if I could defer again for another year if that looks like a better option next August.

    Does anyone have any views - or experience of this kind of scenario?


    Who knows?

    It seems strange to me that no real details of the new scheme have been given to us by Equitable.

    All the information is about the legalities of the transfer and timescales.

    They surely must have formulated something with Utmost but keep telling us details are to come.

    I have a feeling that given the expected uplift there may well be something to stop us all from cutting and running from the off!
  • crv1963crv1963 Forumite
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    POPPYOSCAR wrote: »
    I have a feeling that given the expected uplift there may well be something to stop us all from cutting and running from the off!

    My thought too!
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
  • BlondeHeadOnBlondeHeadOn Forumite
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    POPPYOSCAR wrote: »
    Who knows?

    It seems strange to me that no real details of the new scheme have been given to us by Equitable.

    All the information is about the legalities of the transfer and timescales.

    They surely must have formulated something with Utmost but keep telling us details are to come.

    I have a feeling that given the expected uplift there may well be something to stop us all from cutting and running from the off!

    Glad it's not just me who thinks this, I thought I was missing something obvious... looks like everyone's as much in the dark!
  • POPPYOSCARPOPPYOSCAR Forumite
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    Glad it's not just me who thinks this, I thought I was missing something obvious... looks like everyone's as much in the dark!

    I also do not understand why they have advised you to defer for two years.

    If this goes ahead my understanding is the transfer will take place at the end of this year or shortly after.

    So why could you not take your pension next August 2020?
  • BlondeHeadOnBlondeHeadOn Forumite
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    POPPYOSCAR wrote: »
    I also do not understand why they have advised you to defer for two years.

    If this goes ahead my understanding is the transfer will take place at the end of this year or shortly after.

    So why could you not take your pension next August 2020?

    My thoughts exactly, my inclination is to defer for just one year to get the uplift and then take the pension. I don't understand why my letter from EQ says that if I do nothing my pension will automatically be deferred for 2 years. It doesn't mention any other deferral choice, just a list of options if I still want to take my pension from August.
  • woolly_wombatwoolly_wombat Forumite
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    I have an EQ with-profits pension, and was due to start taking my pension in August this year. EQ have sent me info suggesting that I should defer my retirement date by 2 years beacause of the takeover and expected uplift. In fact this is the default position for me - if I do nothing then my pension date will automatically be deferred for 2 years.
    I was due to start taking my Equitable Life wp pension late last year and received a similar communication from them, also with a default 2 year deferral.

    I'm wondering if it was just a standard 2 year deferral period automatically applied to all policyholders close to retirement who would otherwise miss out on an uplift.
  • BlondeHeadOnBlondeHeadOn Forumite
    2.3K posts
    Part of the Furniture 1,000 Posts Combo Breaker
    ✭✭✭✭
    I was due to start taking my Equitable Life wp pension late last year and received a similar communication from them, also with a default 2 year deferral.

    I'm wondering if it was just a standard 2 year deferral period automatically applied to all policyholders close to retirement who would otherwise miss out on an uplift.


    Thanks for this, that would mske more sense. Thank you!
  • BlondeHeadOnBlondeHeadOn Forumite
    2.3K posts
    Part of the Furniture 1,000 Posts Combo Breaker
    ✭✭✭✭
    I have an EQ with-profits pension, and was due to start taking my pension in August this year. EQ have sent me info suggesting that I should defer my retirement date by 2 years beacause of the takeover and expected uplift. In fact this is the default position for me - if I do nothing then my pension date will automatically be deferred for 2 years.

    I'm thinking that I would prefer to defer for just 1 year, then take my 'uplifted' pension, but I'm not sure if this is possible. I also don't know if I could defer again for another year if that looks like a better option next August.

    Does anyone have any views - or experience of this kind of scenario?

    UPDATE

    I received another big pack of info today from EQ, again stating the 2 years automatic deferment if I don't do anything. So I took the direct approach and phoned their number given in the letter, and spoke to a nice lady from EQ.

    And she told me.... I can start taking my pension anytime at all after my 60th birthday, just phone them to request to start taking it and it will take about 4-6 weeks to sort it out. She said that they put the 2 year automatic deferment on their pensions at the moment because of the takeover thingy, as it saves them having to send out constant reminder letters to people who are due to take their pensions but want to wait and see(?) But once the uplift etc has been actioned, I can start taking it whenever I want.

    I hope this answers the questions for other people as well, or if you are still unsure then just give them a ring. The person I spoke to was very helpful.
  • MordkoMordko Forumite
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    chazzaboy wrote: »
    I am a with profits guy and Id like to know who is Utmost? Never heard of them - does anybody know their background - how safe are they? Also strange to me is that this changeover started with Reliance and seems odd to me that mid process to change - does anybody agree? Equitable appear to be a bigger player than Utmost so why not go with one of the big boys LV/Aviva etc?

    Utmost = Reliance. Rebranding exercise
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