Issues taking a DC small pot pension lump sum.

13

Comments

  • Joey_Soap
    Joey_Soap Posts: 410 Forumite
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    Thanks, I said I will name and shame or name and praise. I have had very good support in the past from these people, I just want to give them a chance to get it right before I name them. Whilst at the same time seeking other posters experiences. I am calling them again shortly, then I will name them since I feel it will then be appropriate.

    Soap.
  • Joey_Soap
    Joey_Soap Posts: 410 Forumite
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    OK - Close Bros now confirm they have no way for me to excercise a small pot lump sum withdrawal. They argue their T&C does not offer it. My argument is that their T&C is entirely silent on the issue.

    A formal complant has now been made.
  • dunstonh
    dunstonh Posts: 116,358 Forumite
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    They argue their T&C does not offer it. My argument is that their T&C is entirely silent on the issue.

    Pensions have lots of features and options. Not all plans will offer all options. Generally, the T&Cs will cover the things that they do offer. Not cover things that they do not offer.

    I'm surprised they do not offer it as the difference in UFPLS and small pots administration is tiny. That is why so many old-fashioned pensions coded decades ago are able to offer UFPLS as an option as trivial rules were already coded into them and just needed tweaking slightly.

    Close Bros are not a mainstream provider and perhaps that is why they feel they dont need to offer mainstream functionality. Again, just thinking out loud.
    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.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    Joey_Soap wrote: »
    OK - Close Bros now confirm they have no way for me to excercise a small pot lump sum withdrawal. They argue their T&C does not offer it. My argument is that their T&C is entirely silent on the issue.

    A formal complant has now been made.

    If that's your argument, I shall be complaining that my recent hotel stay did not include unlimited wine and women, since the hotel TS&Cs are silent on that point, and certainly do not rule it out.

    OTOH if your argument is that you specifically asked before opening the account and were told they did provide small pot withdrawal, then you can refer them to the recording of your conversation with their adviser saying so, and win your case. I omitted to ask about wine and women in a telephone call to the hotel so dont have a leg to stand on unfortunately and neither i suspect, do you.

    Hopefully for your sake they will allow you to transfer to someone that does provide this, though beware costs for opening and closing an account very quickly.
  • Joey_Soap
    Joey_Soap Posts: 410 Forumite
    First Anniversary Name Dropper First Post
    Yes, I already said up there ^^^^^^ that I did due diligence and we have the date and name of the person we spoke to and confirmation that the calls are recorded. Frankly, I think your analogy is rediculous, but we are all entitled to our opinions, no matter how absurd. Thank you.

    Soap.
  • Joey_Soap
    Joey_Soap Posts: 410 Forumite
    First Anniversary Name Dropper First Post
    Positive developments from Close Bros. The complaint request is on hold since they have told me that though the small pot lump sum withdrawal is outside their normal service, they are looking at setting it up for me.

    This is the service I have been used to from CB. In the past, they have always done well for me. It seems that on this occasion too, they are listening to the customer and doing what they can to oblige.

    A further update in due course, but right now, fair play to CB. I think they will come good in the end.

    Regards.

    Soap.
  • Joey_Soap
    Joey_Soap Posts: 410 Forumite
    First Anniversary Name Dropper First Post
    Possibly the last word on the topic unless there is a future glitch. CB now tell me to write them a letter explaining what i want, and they'll do it.

    Thank you Close Bros, you came good in the end. I have recommended them before, I think they deserve another recommendation. They listen to their clients and they act. More than can be said about a great many firms out there.

    I'll just reiterate, for this level of service they charge a princely 0.25% annual fee for the SIPP. Not a bad deal.

    Soap.
  • Joey_Soap
    Joey_Soap Posts: 410 Forumite
    First Anniversary Name Dropper First Post
    Final post on the topic. Close Bros called this morning to say the small pot lump sum withdrawal will now be processed after they received my letter. So, apart from the initial "we can't do this", CB have listened to the customer and found a way to do so. Well done CB, I am now a happy customer again running three SIPP accounts with CB.
  • Malthusian
    Malthusian Posts: 10,936 Forumite
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    Good to hear they saw sense.
  • Joey_Soap
    Joey_Soap Posts: 410 Forumite
    First Anniversary Name Dropper First Post
    Thanks, they do have a track record of listening to the customer. I like that and the initial pantomime I can excuse now. The next person to ask will benefit from my experience.
This discussion has been closed.
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