Guaranteed to date extension

I'm in the process of transferring out of a DB scheme and the guaranteed to date is fast approaching.

The pension administrator (one of the largest around) has been less than helpful with responding to my IFA which has lead him to ask me to ask the administrators/trustees for a 7-14day extension to the guaranteed to date.

Have any of you IFA’s had to do this in the past?

If I don’t get the extension the process will have to start all over again – I’ve put my notice of retirement in _pale_

Comments

  • Brynsam
    Brynsam Posts: 3,643
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    edited 16 June 2018 at 9:17PM
    If this is a statutory transfer, they can't normally extend the guarantee period.
  • HappyHarry
    HappyHarry Posts: 1,554
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    I have once asked for, and received, an extension to the three month deadline.

    There were good reasons for the request and for the approval, and I believe extensive are rarely given, and then decided on a case by case basis.
    I am an Independent Financial Adviser. Any comments I make here are intended for information / discussion only. Nothing I post here should be construed as advice. If you are looking for individual financial advice, please contact a local Independent Financial Adviser.
  • BJL55
    BJL55 Posts: 34
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    HappyHarry wrote: »
    I have once asked for, and received, an extension to the three month deadline.

    There were good reasons for the request and for the approval, and I believe extensive are rarely given, and then decided on a case by case basis.


    Who gives the request approval?


    The reason this extension has been requested - the pension admin have supplied incomplete info to my IFA/3rd Party anaylist, they did not respond to a requeest on 2nd May, the trustees had to urge them on last week but now it transpires that there is a page of info that they forgot to send and I'm the one that has to request an extension.


    This is taking all the gloss of my retirement plans :mad:
  • HappyHarry
    HappyHarry Posts: 1,554
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    The ceding scheme trustees.

    It is unfortunately quite normal for the ceding scheme to not provide all the necessary information to the IFA at the first time of asking. The FCA are currently consulting on a standard information pack to be sent out with a CETV covering all necessary information.

    Currently, as the long term interest rates are not moving much at present, it is possible that a new CETV may be very similar to the last one, so missing this deadline may not be the end of the world.
    I am an Independent Financial Adviser. Any comments I make here are intended for information / discussion only. Nothing I post here should be construed as advice. If you are looking for individual financial advice, please contact a local Independent Financial Adviser.
  • BJL55
    BJL55 Posts: 34
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    Currently, as the long term interest rates are not moving much at present, it is possible that a new CETV may be very similar to the last one, so missing this deadline may not be the end of the world.


    I'm due to retire in 12 days! the process was started in January, my guaranteed CETV was given 04/04 .
  • Brynsam
    Brynsam Posts: 3,643
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    HappyHarry wrote: »

    Currently, as the long term interest rates are not moving much at present, it is possible that a new CETV may be very similar to the last one, so missing this deadline may not be the end of the world.

    Even if a scheme is willing to issue another CETV within a 12-month period, the member may well have to pay - typically around £500 + VAT.
  • GunJack
    GunJack Posts: 11,669
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    Brynsam wrote: »
    Even if a scheme is willing to issue another CETV within a 12-month period, the member may well have to pay - typically around £500 + VAT.

    Even if it's their fault for fannying around?? Seems harsh on the pensioner...
    ......Gettin' There, Wherever There is......

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  • Brynsam
    Brynsam Posts: 3,643
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    GunJack wrote: »
    Even if it's their fault for fannying around?? Seems harsh on the pensioner...

    Agree - and I'd certainly try to get the scheme to issue it free.

    Pensioners can't transfer because their pension is already in payment.
  • GunJack
    GunJack Posts: 11,669
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    Brynsam wrote: »
    Agree - and I'd certainly try to get the scheme to issue it free.

    Pensioners can't transfer because their pension is already in payment.

    LOl, I know...pensionee maybe?? Deferred pensioner? Almost-pensioner (in the OP's case ;) )?
    ......Gettin' There, Wherever There is......

    I have a dodgy "i" key, so ignore spelling errors due to "i" issues, ...I blame Apple :D
  • BJL55
    BJL55 Posts: 34
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    Update:


    Extension granted at no cost, hopefully this will be enough!
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