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  • FIRST POST
    • bikeman
    • By bikeman 5th May 17, 6:30 PM
    • 268Posts
    • 34Thanks
    bikeman
    Transferring pension hassles
    • #1
    • 5th May 17, 6:30 PM
    Transferring pension hassles 5th May 17 at 6:30 PM
    I'm trying to transfer a small occupational pension to ReAssure and it's proving to be a pita.

    So I kick off the process by getting a cetv from my donor pension company.

    The donor pension co get me to complete two forms 1. for them requesting transfer and 2. the receiving scheme information form which asks the receiving scheme (ReAssure) to complete and send them the details of the receiving scheme. So I send that to ReAssure.

    INstead of completing the form, ReAssure send me a letter saying 'can't do anthing until you complete our form' which basically asks for the receiving scheme info (which remember is on the form I sent them already) plus the addition that they want it signed by the donor pension companies trustees (all of them!!!). How am I supposed to obtain these?

    Meanwhile ReAssure ignore the form the donor scheme needs despite my having authorised and sent it to them.

    Meanwhile I am a month in to the process and can already see my cetv expiring before I get the bloody forms sorted out.

    What a ridiculous process.
Page 1
    • robber2
    • By robber2 5th May 17, 6:37 PM
    • 352 Posts
    • 297 Thanks
    robber2
    • #2
    • 5th May 17, 6:37 PM
    • #2
    • 5th May 17, 6:37 PM
    If you must transfer your Pension and ReAssure are making the process difficult simply look for someone other than ReAssure. Seems an odd choice anyway.

    Rob
    • bikeman
    • By bikeman 5th May 17, 7:01 PM
    • 268 Posts
    • 34 Thanks
    bikeman
    • #3
    • 5th May 17, 7:01 PM
    • #3
    • 5th May 17, 7:01 PM
    I already have a pension with ReAssure. I thought transferring to an existing pension would be easiest.

    If I was now to change it I would have to start again and redo the donor pension's forms which would incur more delay.
    • bikeman
    • By bikeman 5th May 17, 7:13 PM
    • 268 Posts
    • 34 Thanks
    bikeman
    • #4
    • 5th May 17, 7:13 PM
    • #4
    • 5th May 17, 7:13 PM
    I've also just noticed that ReAssure have sent me a 'Letter of Authority' which requires me to get the trustees signatures to confirm that they are happy for ReAssure to receive information. I dare say they wont provide info if they are not happy to do so.

    What utter madness!
    Last edited by bikeman; 05-05-2017 at 7:31 PM.
    • dunstonh
    • By dunstonh 5th May 17, 8:44 PM
    • 93,066 Posts
    • 60,455 Thanks
    dunstonh
    • #5
    • 5th May 17, 8:44 PM
    • #5
    • 5th May 17, 8:44 PM
    I'm trying to transfer a small occupational pension to ReAssure and it's proving to be a pita.
    it would be. Reassure are a closed life company who buy up dead or near death insurers to run them down. So, their processes are old fashioned and not geared for much incoming new business.

    So I kick off the process by getting a cetv from my donor pension company.
    You say CETV. So, this must be a defined benefit scheme rather than a defined contribution scheme (where TV would apply). Have you got verification that Reassure will accept the transfer without advice?

    The donor pension co get me to complete two forms 1. for them requesting transfer and 2. the receiving scheme information form which asks the receiving scheme (ReAssure) to complete and send them the details of the receiving scheme. So I send that to ReAssure.
    You dont send them to reassure like that. No life company fills in the discharge forms of other schemes any more and havent for the best part of a decade. They supply the required information in their own format.

    INstead of completing the form, ReAssure send me a letter saying 'can't do anthing until you complete our form' which basically asks for the receiving scheme info (which remember is on the form I sent them already) plus the addition that they want it signed by the donor pension companies trustees (all of them!!!). How am I supposed to obtain these?
    That is correct and normal. You have to complete the top up application for reassure. When you send that in, you include the discharge forms from the existing scheme. Forget the signatures. None of that is required.

    What a ridiculous process.
    Not really. You are trying to use a system that is a bit old fashioned (it has been replaced with an electronic one but both sides need to use it). A lot of the schemes that use the old paper method kept their old forms but just accept the info going back and forth on their own respective forms. The main problem is that you don't know how the system works or what is done and you are making mistakes in the process. Not your fault but when you DIY, you need to know what you are doing.

    All this work is likely to be pointless if the ceding scheme is defined benefit.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • xylophone
    • By xylophone 5th May 17, 10:33 PM
    • 25,604 Posts
    • 15,131 Thanks
    xylophone
    • #6
    • 5th May 17, 10:33 PM
    • #6
    • 5th May 17, 10:33 PM
    http://forums.moneysavingexpert.com/showthread.php?p=72313714#post72313714

    Is the pension one of the three?
    • Jane Rowley
    • By Jane Rowley 5th Dec 17, 3:38 PM
    • 7 Posts
    • 5 Thanks
    Jane Rowley
    • #7
    • 5th Dec 17, 3:38 PM
    Run a mile from Reassure
    • #7
    • 5th Dec 17, 3:38 PM
    My advice is to avoid Reassure like the plague, since they try every trick not to pay your pension. I am not alone either - read the many reviews online. Their policy seems to be to run you around in circles and hope you give up. They claim they made an administrative error by not contacting you, then they send the wrong forms, give email addresses that don't exist, pass you from person to person in different departments, leave you hanging on the phone for ever, then they promise to pay and don't...it goes on and on. If I could move my company pension from them I would. Absolute nightmare and shouldn't be allowed to operate.
    • jenie
    • By jenie 21st Dec 17, 1:06 PM
    • 490 Posts
    • 538 Thanks
    jenie
    • #8
    • 21st Dec 17, 1:06 PM
    • #8
    • 21st Dec 17, 1:06 PM
    I agree with everything Jane has said about this awful company. My husband has a small annuity which has been paid on the 1st December every year for several years. It was then sold on to Reassure and lo and behold, they haven't paid up this year. Hubby has made several phone calls to them in which he gets promises of annuity being paid in, dates given but so far nothing. its really stressing us out, at the end of the day its our money they are withholding. Anyone else had similar problems ? also do you think its worth contacting the Pensions Ombudsman ?
    • dunstonh
    • By dunstonh 21st Dec 17, 1:11 PM
    • 93,066 Posts
    • 60,455 Thanks
    dunstonh
    • #9
    • 21st Dec 17, 1:11 PM
    • #9
    • 21st Dec 17, 1:11 PM
    also do you think its worth contacting the Pensions Ombudsman ?
    no. if you have a complaint, make it to the company. If you disagree with their response, you then have access to the FOS. Not before.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • xylophone
    • By xylophone 21st Dec 17, 1:34 PM
    • 25,604 Posts
    • 15,131 Thanks
    xylophone
    https://www.pensionsadvisoryservice.org.uk/pension-problems
    • KirstenE
    • By KirstenE 11th Jan 18, 8:21 PM
    • 1 Posts
    • 0 Thanks
    KirstenE
    I'd also recommend contacting the Pensions Advisory Service. I had problems with a very slow transfer (different pension funds) - they were incredibly supportive and helpful, explained my rights, how/where to complain etc. - also reassured me that I did have a good case.
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