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  • FIRST POST
    • Sazhaz
    • By Sazhaz 13th Oct 18, 12:07 PM
    • 5Posts
    • 0Thanks
    Sazhaz
    Pension transfer out true potential
    • #1
    • 13th Oct 18, 12:07 PM
    Pension transfer out true potential 13th Oct 18 at 12:07 PM
    Hi all

    I decided to transfer my pension to True Potential and what a mistake that was, funds were transferred and it took 8 working days to actually get the momey into my new pension. When I asked what interest or growth it made in this time I got nothing at all as it was being processed. Iím not looking at moving it out again but somewhere I am happy with as that service is awfu and I feel like my money isnít safe.

    Iím going to see an IFA but does anyone know is there a minimum amount of time I have to keep my money in their pension before transferring back out?
Page 1
    • luckyfool151
    • By luckyfool151 13th Oct 18, 1:02 PM
    • 20 Posts
    • 15 Thanks
    luckyfool151
    • #2
    • 13th Oct 18, 1:02 PM
    • #2
    • 13th Oct 18, 1:02 PM
    Are you seriously suggesting that a highly reputable FCA regulated firm is unsafe because it took 8 days to process a transfer in conjunction with whoever you were leaving? Or that there were 8 days after they definitely received the money to invest it? How do you know they had definitely received the money - did they tell you that? I can only comment from a retirement perspective when funds are OMO'd but it is also often the case that the receiving provider cannot locate the money even with the specific reference they have requested. This seems like a toys out of the pram situation.


    Additionally, I suspect there might be a penalty. You are also likely to attract the money laundering eye if you were looking to switch somewhere else again so quickly.
    Last edited by luckyfool151; 13-10-2018 at 1:04 PM.
    • Sazhaz
    • By Sazhaz 13th Oct 18, 1:31 PM
    • 5 Posts
    • 0 Thanks
    Sazhaz
    • #3
    • 13th Oct 18, 1:31 PM
    • #3
    • 13th Oct 18, 1:31 PM
    There most certaininly isnít any Ďtoys out of the pramí

    My pension is £230k and I had the old provider confirm with transaction search and verification the funds were sent and they didnít actually put the funds into my pension for a week. So my worry is what happened to those funds in that week? Who had interest or gained from investment as it wasnít me! In the T&Cís it states funds will be placed into your pension immediately upon receipt which they failed to do. Hence my concerns.

    My full transfer took 4 weeks so Iím not saying that Iím concerned as itís a week at all. Iím concerned to where my funds have been in this time? Itís a lot of money to just be sitting around!
    • Alexland
    • By Alexland 13th Oct 18, 2:02 PM
    • 3,365 Posts
    • 2,697 Thanks
    Alexland
    • #4
    • 13th Oct 18, 2:02 PM
    • #4
    • 13th Oct 18, 2:02 PM
    I think you are overreacting - a week or two out of the market is perfectly normal when doing pension transfers which involve selling and buying back into the market.
    • Kit Katt
    • By Kit Katt 13th Oct 18, 2:24 PM
    • 17 Posts
    • 19 Thanks
    Kit Katt
    • #5
    • 13th Oct 18, 2:24 PM
    • #5
    • 13th Oct 18, 2:24 PM
    I'd say the timeline is absolutely pretty much routine and of no concern .

    Lucky if it was out last week with the sudden drop in the markets .
    • luckyfool151
    • By luckyfool151 13th Oct 18, 3:48 PM
    • 20 Posts
    • 15 Thanks
    luckyfool151
    • #6
    • 13th Oct 18, 3:48 PM
    • #6
    • 13th Oct 18, 3:48 PM
    There most certaininly isnít any Ďtoys out of the pramí

    My pension is £230k and I had the old provider confirm with transaction search and verification the funds were sent and they didnít actually put the funds into my pension for a week. So my worry is what happened to those funds in that week? Who had interest or gained from investment as it wasnít me! In the T&Cís it states funds will be placed into your pension immediately upon receipt which they failed to do. Hence my concerns.

    My full transfer took 4 weeks so Iím not saying that Iím concerned as itís a week at all. Iím concerned to where my funds have been in this time? Itís a lot of money to just be sitting around!
    Originally posted by Sazhaz

    So the old provider told you they sent them and from that date it was 8 days? You do know it probably took 3-5 working days to clear into the receiving provider account. I suspect they probably have a holding account for receipt of the payment too from which they then move the funds to your pension but possibly not. If you take into consideration any weekends that are non-working days then this seems 100% standard. You are definitely overreacting.
    • triplea35
    • By triplea35 13th Oct 18, 3:58 PM
    • 214 Posts
    • 63 Thanks
    triplea35
    • #7
    • 13th Oct 18, 3:58 PM
    • #7
    • 13th Oct 18, 3:58 PM
    Can't say I am particularly happy with True Potential either. My wife wanted to go into drawdown, took an age to sort telephone appointment to speak with pension adviser, and then for the forms to be sent out, signed, and returned straight back. Forms have been sent back over 10 days now and still no action on the account. Portfolio has tanked in last week!
    Would it be as long if I went into drawdown online with HL Sipp ?
    • Sazhaz
    • By Sazhaz 13th Oct 18, 4:23 PM
    • 5 Posts
    • 0 Thanks
    Sazhaz
    • #8
    • 13th Oct 18, 4:23 PM
    • #8
    • 13th Oct 18, 4:23 PM
    Once again Iím not over reacting!

    I paid £50 for bacs transfer so the funds were cleared and no Iím not counting weekends Iím counting working days. As an experienced bank manager Iím quiet aware of the bank clearance process and the difference between working days and weekends. Plus True state clearly in their T&cs on receipt of the cleared funds they will be invested and credited into your new pension.
    • Sazhaz
    • By Sazhaz 13th Oct 18, 4:25 PM
    • 5 Posts
    • 0 Thanks
    Sazhaz
    • #9
    • 13th Oct 18, 4:25 PM
    • #9
    • 13th Oct 18, 4:25 PM
    *CHAPS payment was paid for not BACS
    • billy2shots
    • By billy2shots 13th Oct 18, 4:33 PM
    • 98 Posts
    • 108 Thanks
    billy2shots
    When was the transfer completed. If it was in the last day or two you should be smiling ear to ear
    • TBC15
    • By TBC15 13th Oct 18, 4:53 PM
    • 596 Posts
    • 300 Thanks
    TBC15
    Unrealistic expectations keep calm and carry on.
    • Thrugelmir
    • By Thrugelmir 13th Oct 18, 5:22 PM
    • 60,085 Posts
    • 53,427 Thanks
    Thrugelmir
    As an experienced bank manager I’m quiet aware of the bank clearance process and the difference between working days and weekends.
    Originally posted by Sazhaz
    Do your staff respond to every piece of correspondence they receive within minutes of receiving it? Or does it sit in an inbox where it is dealt with in date chronological order.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • Sazhaz
    • By Sazhaz 13th Oct 18, 5:33 PM
    • 5 Posts
    • 0 Thanks
    Sazhaz
    My staff will reply within the service level agreements which are outlined within the T&Cís. As such trueís t&cís states credited on the working day of receipt and such has not happened hence my post! So if youíre trying to compare the SLAís there is your comparison!
    • Alexland
    • By Alexland 13th Oct 18, 6:32 PM
    • 3,365 Posts
    • 2,697 Thanks
    Alexland
    Peter Hargreaves used to have a good method for dealing with unreasonable customers. He would apologise sincerely and suggest that perhaps one of his competitors might be able to better service their needs. It was a win/win for reducing his work and slowing down someone else.

    Alex
    • squirrelpie
    • By squirrelpie 13th Oct 18, 7:18 PM
    • 63 Posts
    • 28 Thanks
    squirrelpie
    You may not be over-reacting, but I think you have unrealistic expectations. I'd sum it up as 'storm in a teacup' and if I were you I wouldn't base any decisions on that single data point. Having said that, I do believe HL would likely do better; they have for me. Whether it is worth acting I don't know; I know nothing about True Potential.
    • Alexland
    • By Alexland 13th Oct 18, 7:22 PM
    • 3,365 Posts
    • 2,697 Thanks
    Alexland
    Having said that, I do believe HL would likely do better; they have for me.
    Originally posted by squirrelpie
    Maybe but HL made multiple errors on both of our LISA transfers that took 4 months of chasing them to fully resolve. I really don't think the OP can complain about a process that worked in a reasonable time period.

    Alex
    • Thrugelmir
    • By Thrugelmir 13th Oct 18, 9:10 PM
    • 60,085 Posts
    • 53,427 Thanks
    Thrugelmir
    As such true’s t&c’s states credited on the working day of receipt and such has not happened hence my post!
    Originally posted by Sazhaz
    Credited has a very different meaning to invested. Safe to assume that the money was indeed creditd to a bank account in your name. The SLA has therefore been met.

    Does your pension provider pay interest on cash deposits held?
    Last edited by Thrugelmir; 13-10-2018 at 9:13 PM.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
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