Equitable Life with profits pension / takeover.

Just a warning if you are thinking about taking a lump sum withdrawal.

I rang them over a week ago for the relevant paperwork to complete and was told up to 10 days to receive it. I am yet to receive it.

My husband rang today and was told 20 days.

Apparently they have been inundated with requests.

eltacano wrote: »

To those who have with-profits AVCs with the Equitable, via their employers’ pension schemes:

Going back to summer 2018, I'm trying to find out when people first heard from their pension trustees/administrators about the proposed takeover of the Equitable.

The trustees/administrators would probably have got a letter from the Equitable dated “July 2018”, and maybe they passed that on to you as pension scheme member?

Thanks for any help anyone can give.

eltacano

I confirm I have received no information whatsoever at any time from the NHS Trustee about this EqL takeover.

pensionpawn wrote: »

Ok, so I've been told over the phone how much my pension is now worth after the uplift. At the same time (around three weeks ago) I was also told that I would be sent details of the uplift calculation and the transfer pack that I requested. They are yet to arrive. I believe that I can initiate a transfer from the HL end alone as they will contact Utmost. Question is, how do I know what my pension value is now, over three weeks after the uplift, and my policy number (is it the same as Equitable)?

It would appear they have hugely underestimated how many would take the money and run!

keiran wrote: »

I confirm I have received no information whatsoever at any time from the NHS Trustee about this EqL takeover.

Thanks Keiran. Seems par for the course for trustees.

Further to my post #329, on Saturday I received a letter from Utmost, which contained the following:

1. Covering letter
2. Pension wise leaflet
3. Policy Factsheet
4. Risk warning statement (gravity and such)
5. Money Advice service ('time to choose')
6. Options form (45H300)
7. Prepaid envelope (for return of aforementioned Options).

Comments
- The policy factsheet states the fund value (in my case it has increased by 0.0099% since the at phone call 2 weeks ago, sitting in the cash fund).

- The options form is headed 'For more information tick one or more of the options below'. So it is the start point to execute your preferred option.

The options are:
a. Keep savings invested with utmost
b. Use your savings to buy an income drawdown policy
c. Use your saving to buy an annuity with another provider
d. Take your savings as cash
e. Transfer your savings to another provider
f. A consent option (if you go for annuity with another provider) to share your data with Canada Life.

So you tick your selection and return the form in the prepaid envelope, and call with any questions on 0330-159-1530.

That's more or less it I think. Good luck everyone.

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Update - After talking to utmost this morning, for a transfer, the easiest way to expedite the process is to print the transfer forms from their web site and send those in.

PS - They are not doing any drawdown until March.