Equitable Life Policyholders - Happy New Year?

[55palfers]

Any EL policyholders here?

Seems that Jan 1 is the big day that EL is closed and our funds get transferred to a new mob.

Anyone got any thoughts on Utmost Life & Pensions?

Worth leaving the funds there or moving them out to an existing pot?

[omniflow]

Any idea what happens next?

I want to transfer mine into my existing SIPP, but I've been waiting for the process to finish.

From what I've briefly read, I should be getting a revised statement at the end of this month, at which point all of the compensation / adjustments will be complete.

Does anyone have any more detailed information?

[55palfers]

We should be getting a letter by the end of January with our final policy balance.

If you haven't done anything yet regarding what type of fund you want Utmost to open for you, the money will be held in a cash account for 6 months.

Therefore, you have 6 months to move the wedge to your SIPP before Utmost will open a fund for you.

All here.

https://www.utmost.co.uk/equitable-life/equitable-...

I'm minded to move to an existing pot, but I've no idea of Utmost performance / charges.

[JulianPH]

55palfers said:

We should be getting a letter by the end of January with our final policy balance.

If you haven't done anything yet regarding what type of fund you want Utmost to open for you, the money will be held in a cash account for 6 months.

Therefore, you have 6 months to move the wedge to your SIPP before Utmost will open a fund for you.

All here.

https://www.utmost.co.uk/equitable-life/equitable-...

I'm minded to move to an existing pot, but I've no idea of Utmost performance / charges.

I have been all over their website and just called them. They could not tell me either.

It is quite terrible TBH.

[55palfers]

JulianPH said:

I have been all over their website and just called them. They could not tell me either.

It is quite terrible TBH.

I agree.

Sums up the whole Equitable saga.

[55palfers]

Well, there's one day of January left and we were supposed to get our final settlement letters before the end of the month.

Anyone had theirs yet?

[omniflow]

55palfers said:

Well, there's one day of January left and we were supposed to get our final settlement letters before the end of the month.

Anyone had theirs yet?

Not unless they put it in an HMRC envelope

[henrycrun]

Please let us know when they come.

[55palfers]

Nothing today, not holding my breath for tomorrow either.

[omniflow]

Got mine this morning.

At first I just thought it was marketing material - the details of my policy were on the back of the letter.

The policy was for contracting out of Serps back around 1990 - no idea whether I'm up or down on the deal.

[55palfers]

Postie has brought me nothing but a new Private Eye.

Maybe tomorrow..

Still, after 20 years, what's another day or so?

I suspect it's impossible to say if the settlement is fair, I am just pleased to be getting something back just in time to bolster the retirement pot a little.

[Sideways Tim]

Got mine today. My (paltry) amount appears to have doubled, so I think I'm happy about it.

[55palfers]

Good news then. I await the postman tomorrow.

[forest172]

Must be that important looking letter on the side.

[henrycrun]

Letter from Utmost today.
Just need to decide where to invest it for (say) 10 years with easy access.

[forest172]

It is. Worth more than I thought. Put £5k in 20 years ago and I remember it being worth about £1800 when the st hit the fan. So never bothered with them again.

Anyway now worth £13246. I take it I can move this to a vanguard SIPP when they get going

I've just read the thread from the top. Appears I can

Edited by forest172 on Wednesday 5th February 21:41

[Sideways Tim]

I have to admit I'm as confused as fk about my pension status. I've got twenty nine years of self employed NI contributions, a pension with Prudential from when I think I opted out of something when I had a 'proper' job in the late eighties, a pot that I have paid £32 a month into since 1991 with Equitable (now Utmost) and a couple of months contributions to a workplace pension when I had a little flip out in 2018 and packed everything in and got a job elsewhere before I realised what a tit I'd been.

Can I combine all them into one pot? Would that be prudent? Can anyone recommend a financial advisor or such like that could guide me?

[55palfers]

My letter has arrived!

A reasonable uplift from the last Equitable statement I had in May 2019.

Given that I thought my money had mostly gone down the toilet 20 years ago, I suppose I am relieved to be where I am today.

We need to see what the fee structure of Utmost will be regarding staying with them or moving it out to another pot.

[Helicopter123]

We must have had 7 or 8 enquiries already about 'getting the money out'.

Trust seems very low in EL/Utmost with many just wanting to cut and run.

[Ean218]

Mine's almost exactly an 80% uplift. Much better than I thought as I had cynically assumed the proposed uplift would always be cut back.

As soon as I get the paperwork signed mine is coming out.