pension 'transferred out"?
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sheramber
Posts: 19,131 Forumite
My husband has a pension in capped drawdown with Standard Life.
The firm of financial advisors we had were closed in 2011 and we have not had an advisor since then.
This was confirmed on a previous phone to SL when the girl stated that there was no advisor on his records.
On Thursday we had a conversation with SL when moving to flexible drawdown was mentioned followed by advice to discuss this with our financial advisor.
When my husband replied he didn't have one she confirmed that there was one noted on our file.
This was news to us as at no time has hesigned up with anybody..
At no time has this firm contacted us.
We have never heard of this firm who are based hundreds of miles away from us.
So , it was agreed that that firm would be removed from our file and after a while on hold we were told that had been done.
We hAve contacted a local firm and are awaiting a call from thEIr advisor at tHE beginning of next week- he is only in the office Mon and Tues.
Today my husband received two letter from SL.
Each bears a different plan number so seems to be two plans- news to us.
(Maybe because a lump sum was transferred in from another company and then he made pension payments from them?)
One letter confirms that the financial advisor has been removed but the other says this is not possible as the plan is ' Transferred out'.
Can any body explain this?
The firm of financial advisors we had were closed in 2011 and we have not had an advisor since then.
This was confirmed on a previous phone to SL when the girl stated that there was no advisor on his records.
On Thursday we had a conversation with SL when moving to flexible drawdown was mentioned followed by advice to discuss this with our financial advisor.
When my husband replied he didn't have one she confirmed that there was one noted on our file.
This was news to us as at no time has hesigned up with anybody..
At no time has this firm contacted us.
We have never heard of this firm who are based hundreds of miles away from us.
So , it was agreed that that firm would be removed from our file and after a while on hold we were told that had been done.
We hAve contacted a local firm and are awaiting a call from thEIr advisor at tHE beginning of next week- he is only in the office Mon and Tues.
Today my husband received two letter from SL.
Each bears a different plan number so seems to be two plans- news to us.
(Maybe because a lump sum was transferred in from another company and then he made pension payments from them?)
One letter confirms that the financial advisor has been removed but the other says this is not possible as the plan is ' Transferred out'.
Can any body explain this?
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Comments
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Yes - Standard Life. Go back to them and ask them for an explanation. Sounds like a classic case of left hand and right hand...or just error.Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!0
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Each bears a different plan number so seems to be two plans- news to us.
(Maybe because a lump sum was transferred in from another company and then he made pension payments from them?)
Can you explain the statement in bold?
Do you mean that at some stage prior to 2011 your husband had a pension policy with SL that had been set up by a Financial Adviser whose firm closed down in 2011?
Is it possible that his firm's business was transferred to a successor company which could explain the unknown firm to which you refer?0 -
My husband had a pension with GEC.
When he left to become self employed we transferred his pension to Sun Life of Canada in advice at the time.
Later he took out a pension with Standard Life and the pension sum held under Sun Life was transferred to SL.
From then he paid monthly pension payments to SL.
When he retired in 2006 he stopped paying and the pension was put into capped drawdown when we took the tax free payment but did not take any ongoing payments.
The financial adviser firm we were with ceased in 2011 and we have had no contact from any adviser since then We put the pension into monthly pay out 2015.
When we spoke to SL on Thursday the first person seemed on the ball , explained about capped or flexible drawdown and said we could remove the financial advisor on the file which we decided to do as we had no knowledge of them.
She transferred us to someone else who didn't seem to know why we had been transferred and eventually had to get someone else to remove the financial adviser. She put us on hold and after a while she returned and confirmed it had been done.
We then spoke to a third person who explained we could be a 'direct ' case- no adviser, or get a new adviser.
Then we received the letters this morning.0 -
Your posts are very confusing, possibly because you're very confused by all of this.
Go back to Standard Life, but I suggest you put your concern in writing and try to get some sort of chronological order (not to the day, but least roughly as you think things happened )in what you send them to give whoever receives your missive a sporting chance of helping you.0 -
How old is your husband? Is he already in receipt of his State Pension?
When did he transfer out his GEC pension?
Was this handled by the adviser whose firm closed in 2011?
Is it possible that the firm's business was taken over the company whose name you do not recognise?
Was the transfer of the GEC pension to a S32 policy with Sun Life?
If so, your husband would not have been able to make additional payments to this policy.
It was taken over by Standard Life?
He wanted to contribute to a pension so opened another policy with Standard Life?
Is it this the pension in capped drawdown?
The transferred out pension has never been put into payment?0 -
When my husband replied he didn't have one she confirmed that there was one noted on our file.
This was news to us as at no time has hesigned up with anybody..
if the old firm was a network member, the network is the principal and you would be under them. So, if the member firm closes, it remains on the network agency under their name.
If the old firm sold up, it would move to the agency of the new firm. Sometimes this happens as an agency transfer. Sometimes the agency is renamed to reflect the new firm.
If there is no fee income then there is no reason to notify you.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
How old is your husband? Is he already in receipt of his State Pension?
When did he transfer out his GEC pension?
He was made redundant in 1990.
When he started self employment in 1993 he transferred the deferred pension with GEC to Sun Life in the advice of financial adviser.[
Later we were contacted to advise us that we had been misadvised to transfer the pension out ( there was a big campaign about this) from GEC and were awarded compensation which was added to the pension pot./COLOR]
Was this handled by the adviser whose firm closed in 2011?
No, it was a different financial adviser.
We moved to Mandrake Associates ltd and on their advice transferred the Sun Life pension pot to SL IN 2002.
Is it possible that the firm's business was taken over the company whose name you do not recognise?
Anything is possible but nobody notified us then or since.
Was the transfer of the GEC pension to a S32 policy with Sun Life?
Pass.
all i know is it was the pension that my husband had paid into when employed by GEC and no payments were made to Sun Life after the transfer as my husband was unemployed then starting self employment. We don't have any information relating to that now.
If so, your husband would not have been able to make additional payments to this policy.
It was taken over by Standard Life?
No, when we had advice from Mandrake Associates the lump sum was transferred to SL in 2002 .
He wanted to contribute to a pension so opened another policy with Standard Life?
Yes .
Is it this the pension in capped drawdown?
Yes, from 2006.
The transferred out pension has never been put into payment?
As far as we knew there was only one plan consisting of the lump sum transferred in and the payments now made to the plan.
The amount put into drawdown in 2006 was the total of the amount transferred in and the payments made to the new pension plan since then
Would the plan marked 'transfer out ' be the plan before drawdown but why would we want to remove a financial adviser form a plan that no longer exists?
I am just trying to get things straight before speaking to a new adviser.0 -
Was GEC your husband's only employer up to 1990?
Was your husband in receipt of a state pension pre 6/4/2016?
If so, does he have a COD?
If not, does his new state pension statement show a COPE?
Do you recognise the plan number on one of the letters as that belonging to the current drawdown plan?0 -
Was GEC your husband's only employer up to 1990?
No. he had to other employers. One entitled him to a pension of 5 shillings a week which was paid out as a lump sum many years ago.
He receives an annuity from the other
Was your husband in receipt of a state pension pre 6/4/2016?
Yes, dob 1946
If so, does he have a COD?
Pass. He gets state pension with small amount of Graduate Pension
If not, does his new state pension statement show a COPE?
Do you recognise the plan number on one of the letters as that belonging to the current drawdown plan?[
The number on the one that the adviser has been removed is the number of the drawdown plan.
/QUOTE]0 -
If so, does he have a COD?
Pass. He gets state pension with small amount of Graduate Pension
He will have received a statement at commencement and should receive one annually.
Have a look at post 21 here
https://forums.moneysavingexpert.com/showthread.php?t=4532605&page=2
Does your husband's statement show Additional State Pension and a Contracted Out Deduction?The number on the one that the adviser has been removed is the number of the drawdown plan.
Then ask Standard Life about the plan to which reference is made in the other letter - what happened to it?0
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