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    • Sarah c124
    • By Sarah c124 8th Feb 18, 8:36 AM
    • 12Posts
    • 1Thanks
    Sarah c124
    Pension transfer out delays towers Watson
    • #1
    • 8th Feb 18, 8:36 AM
    Pension transfer out delays towers Watson 8th Feb 18 at 8:36 AM
    Hi all

    Im currently in the process of transferring out my pension with towers watson, this has been delayed as they have requested HMRC scheme registration even though this was sent on application

    Has anyone recently transferred out with them, how long did it take?

    Anyone know how long it takes for the HMRC scheme registered check to come back?

    Thank you
Page 1
    • GSP
    • By GSP 8th Feb 18, 9:07 AM
    • 181 Posts
    • 41 Thanks
    GSP
    • #2
    • 8th Feb 18, 9:07 AM
    • #2
    • 8th Feb 18, 9:07 AM
    Hi Sarah,
    I transferred out with TW during last Spring/Summer if that is recent enough. I found them very helpful and pretty fast in turning things around, even though they were very busy with all the transfer requests.

    One important thing and it may be different depending what institution you work for. Are you able to go online and see your CETV numbers on a daily basis? If you can you can run the report and save it. The figures should be good for 3 months, so you should be able to choose your highest figure during that period.

    Sorry, don't know or can't remember about the HMRC registration.
    • Sarah c124
    • By Sarah c124 8th Feb 18, 10:17 AM
    • 12 Posts
    • 1 Thanks
    Sarah c124
    • #3
    • 8th Feb 18, 10:17 AM
    • #3
    • 8th Feb 18, 10:17 AM
    Thanks for your reply.

    Do you remember how long it took to transfer?

    And thanks for the tip I do have access
    • GSP
    • By GSP 8th Feb 18, 10:59 AM
    • 181 Posts
    • 41 Thanks
    GSP
    • #4
    • 8th Feb 18, 10:59 AM
    • #4
    • 8th Feb 18, 10:59 AM
    That's a bit hazy. There was a problem where the online system did not provide all the papers and took a bit of sorting. I remember however bar that communication was very good and things happened fairly quickly. I would say it should not take longer than 3 months. Could depend on your IFA as well and other parties, the ones who are receiving your transfer for example. Apart from the computer glitch, there was always that element of human intervention that could have been a bit quicker.
    So would say 3 months as a ballpark to turn these around not gabbling further.
    • Sarah c124
    • By Sarah c124 8th Feb 18, 12:48 PM
    • 12 Posts
    • 1 Thanks
    Sarah c124
    • #5
    • 8th Feb 18, 12:48 PM
    • #5
    • 8th Feb 18, 12:48 PM
    Thanks again for your reply, mines been 4 months already so definitely getting a different service then you did
    • tenchy
    • By tenchy 8th Feb 18, 1:28 PM
    • 360 Posts
    • 109 Thanks
    tenchy
    • #6
    • 8th Feb 18, 1:28 PM
    • #6
    • 8th Feb 18, 1:28 PM
    Sarah, I have had the same problem as you with WTW and I am fuming about it! My transfer out has been going on since November. I think it was early December when I advised them about the SIPP provider I would be using. Since then there have been various (poorly presented) forms to fill in, and during this time I've logged on to my account to note the changing status of my request. After having filled in the last set of forms the status changed to 'Waiting for information from Third Party/Other', so I enquired by phone as to precisely what they were waiting for. Their answer was that they needed validation from HMRC that my chosen SIPP was an approved scheme. You might think from this that I was proposing to transfer to some outlandish scheme offered by a little-known provider, but no, I'm transferring to one of the major players. I enquired about the turnaround time for an HMRC response - four to six weeks!!!!


    "So why the hell didn't you start this process when I told you who my SIPP provider would be?" In response they waffled on about processes and procedures.

    WTW are the pits! I've rarely come across such a bunch of incompetents. They insist on all communication by second class post and more often than not the call centre handler doesn't know what they are talking about. We will be well rid of them!
    • xylophone
    • By xylophone 8th Feb 18, 1:29 PM
    • 25,190 Posts
    • 14,837 Thanks
    xylophone
    • #7
    • 8th Feb 18, 1:29 PM
    • #7
    • 8th Feb 18, 1:29 PM
    TW are checking the RS of the receiving scheme?

    https://www.gov.uk/guidance/pension-administrators-member-transfers

    Because of an increase in pension liberation activity transferring schemes often ask HM Revenue and Customs (HMRC) to confirm the registration status of the receiving scheme as part of the checks they undertake before making a transfer.
    • Sarah c124
    • By Sarah c124 8th Feb 18, 1:42 PM
    • 12 Posts
    • 1 Thanks
    Sarah c124
    • #8
    • 8th Feb 18, 1:42 PM
    • #8
    • 8th Feb 18, 1:42 PM
    Oh nooo this is nearly the same as mine they are awful. Mines been waiting 3rd party info for 3 weeks now.

    It's ridiculous that they request this now but also ask for the proof on application from the new provider as well.

    I don't know anyway of getting this escalated
    • Sarah c124
    • By Sarah c124 8th Feb 18, 1:43 PM
    • 12 Posts
    • 1 Thanks
    Sarah c124
    • #9
    • 8th Feb 18, 1:43 PM
    • #9
    • 8th Feb 18, 1:43 PM
    Yes that's what they are doing. Apparently if it's not on their lists then they request this. It seems to be on every transfer though
    • tenchy
    • By tenchy 8th Feb 18, 1:49 PM
    • 360 Posts
    • 109 Thanks
    tenchy
    Oh nooo this is nearly the same as mine they are awful. Mines been waiting 3rd party info for 3 weeks now.

    It's ridiculous that they request this now but also ask for the proof on application from the new provider as well.

    I don't know anyway of getting this escalated
    Originally posted by Sarah c124

    I was advised about the four to six week turnaround about two weeks ago, so I then got onto the pension dept. of my (former) employer, asking is there was anything they could do. They said they would look into it. Having just logged on again to the WTW website, my case is now "Being Processed", so maybe they complained on my behalf. This approach could be worth trying in your case. When all is done and dusted I will be writing to the Pension Trustees of my former employer to complain about the poor service of WTW.


    It seems, from other enquiries I've made, that the HMRC check is the last hurdle, so hopefully when they complete this for your transfer it won't be too long to completion. Good luck!
    • Sarah c124
    • By Sarah c124 8th Feb 18, 2:12 PM
    • 12 Posts
    • 1 Thanks
    Sarah c124
    That's great news for you glad it's moved. Will you let me know what the next stage is if you don't mind/ how much longer it takes to transfer across
    • Sarah c124
    • By Sarah c124 8th Feb 18, 2:18 PM
    • 12 Posts
    • 1 Thanks
    Sarah c124
    I was advised about the four to six week turnaround about two weeks ago, so I then got onto the pension dept. of my (former) employer, asking is there was anything they could do. They said they would look into it. Having just logged on again to the WTW website, my case is now "Being Processed", so maybe they complained on my behalf. This approach could be worth trying in your case. When all is done and dusted I will be writing to the Pension Trustees of my former employer to complain about the poor service of WTW.


    It seems, from other enquiries I've made, that the HMRC check is the last hurdle, so hopefully when they complete this for your transfer it won't be too long to completion. Good luck!
    Originally posted by tenchy
    How long ago did they write out to HMRC on yours?
    • tenchy
    • By tenchy 8th Feb 18, 2:22 PM
    • 360 Posts
    • 109 Thanks
    tenchy
    That's great news for you glad it's moved. Will you let me know what the next stage is if you don't mind/ how much longer it takes to transfer across
    Originally posted by Sarah c124

    I just rang WTW again. They have liquidated my fund and the transfer will take place on 12 Feb. They have given me the final value. So the HMRC check would seem to be the last check; final transfer out should take place soon after. I'll keep you posted on developments.


    Of course when it gets to your chosen provider that's only the start. I'll shortly be asking some questions in a new thread about the best way to take the tax free lump sum and if there are any tax implications for drawdown at this time of year - coming up to the new tax year.


    I turns out the HMRC check only took two weeks - despite their (WTW) turnaround estimate of four to six weeks.
    Last edited by tenchy; 08-02-2018 at 2:24 PM. Reason: add
    • pip895
    • By pip895 8th Feb 18, 2:58 PM
    • 570 Posts
    • 318 Thanks
    pip895
    I'm going through a DB transfer out through them - My IFA keeps finding errors in the documentation. We are on our third transfer pack - apparently the latest has been sent out by snail mail but to the wrong address??

    Been going on since October I'm getting a little fed up. Anyone know how long it takes to get the cash into your SIPP from the point you have sent the signed transfer request in to them?
    • Sarah c124
    • By Sarah c124 8th Feb 18, 3:01 PM
    • 12 Posts
    • 1 Thanks
    Sarah c124
    I just rang WTW again. They have liquidated my fund and the transfer will take place on 12 Feb. They have given me the final value. So the HMRC check would seem to be the last check; final transfer out should take place soon after. I'll keep you posted on developments.


    Of course when it gets to your chosen provider that's only the start. I'll shortly be asking some questions in a new thread about the best way to take the tax free lump sum and if there are any tax implications for drawdown at this time of year - coming up to the new tax year.


    I turns out the HMRC check only took two weeks - despite their (WTW) turnaround estimate of four to six weeks.
    Originally posted by tenchy
    That's is good news I've just called them as they didn't actually send my HMRC check until 19th Jan as they had a back log so hopefully I should hear something this week.

    Pleased yours is moving though, will you be doing the new thread in pensions and I'll keep a look out?
    • Sarah c124
    • By Sarah c124 8th Feb 18, 4:02 PM
    • 12 Posts
    • 1 Thanks
    Sarah c124
    I'm going through a DB transfer out through them - My IFA keeps finding errors in the documentation. We are on our third transfer pack - apparently the latest has been sent out by snail mail but to the wrong address??

    Been going on since October I'm getting a little fed up. Anyone know how long it takes to get the cash into your SIPP from the point you have sent the signed transfer request in to them?
    Originally posted by pip895

    Mines not a SIPP transfer but once they have received those forms there was another form that needed to be completed and the the process starts which can be a while mines been 4 months now
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