Equitable Life Policyholders - Happy New Year?
Discussion
Are these 'with profits' pension policies?
Bearing in mind how difficult (impossible) it has been for the professionals on PH to get information out of Utmost regarding their fees and performance figures, you may want to check very carefully on their 'market revaluation' if you take your money out before the normal retirement date.
Anyone know what the NR date is for these policies?
Bearing in mind how difficult (impossible) it has been for the professionals on PH to get information out of Utmost regarding their fees and performance figures, you may want to check very carefully on their 'market revaluation' if you take your money out before the normal retirement date.
Anyone know what the NR date is for these policies?
As I understand it, the value on everyone's letter is in good old hard cash.
You can put it into one of Utmost's funds or transfer it out to another pension pot.
You have 6 months to decide before they will invest it on your behalf based on any Risk Appetite info you have previously submitted and your age.
You can put it into one of Utmost's funds or transfer it out to another pension pot.
You have 6 months to decide before they will invest it on your behalf based on any Risk Appetite info you have previously submitted and your age.
omniflow said:
The policy was for contracting out of Serps back around 1990 - no idea whether I'm up or down on the deal.
I had similar & contracted out late 90’s -00’s on fairly low earnings.(Mine was Unit linked fund which I transferred to HBOS though, just looking here out of curiosity).
One win I think on deal for me is following all the State pension changes & looking at the online forecasts & other forums, I should qualify for full state pension & have the contracted out pot as a bonus!
AndyAudi said:
One win I think on deal for me is following all the State pension changes & looking at the online forecasts & other forums, I should qualify for full state pension & have the contracted out pot as a bonus!
R.
Just checking in to this thread - sorry, didn't know it was here. Thanks to 55palfers for the link ...
I requested (by phone) the forms to withdraw the money - but they've not arrived yet. I think it was at about the start of March that I did that - they were saying it would take 10-15 days to send them - no idea why - they're just delaying tactics I'm sure.
On what basis was the uplift percentage decided - as it looks like people got different amounts? A friend of mine had an EL fund similar to mine (with profits) and also some annuity ones, can we also withdraw the annuity ones does anyone know?
I won't hold my breath on the forms to withdraw hitting the doormat. but then at the moment, the money is probably okay in a cash account - at least it hasn't taken the hit.
I requested (by phone) the forms to withdraw the money - but they've not arrived yet. I think it was at about the start of March that I did that - they were saying it would take 10-15 days to send them - no idea why - they're just delaying tactics I'm sure.
On what basis was the uplift percentage decided - as it looks like people got different amounts? A friend of mine had an EL fund similar to mine (with profits) and also some annuity ones, can we also withdraw the annuity ones does anyone know?
I won't hold my breath on the forms to withdraw hitting the doormat. but then at the moment, the money is probably okay in a cash account - at least it hasn't taken the hit.
Equitable - UTMOST Pensions Transfers
I may be able to let you how I'm doing, trying to transfer my 'With-Profits' Equitable Life cash to my newly opened SIPP with my stockbrokers.
If you are a 'With-Profts' policyhoder like me, who's pension fund has been transferred to UTMOST on the 1st January, and plan to transfer this to a SIPP for example, then you need to download the transfer form.
You can download the documents from their website here:
https://www.utmost.co.uk/pensions/manage-my-policy...
Scroll down to Claims, and click on the first item: "Transfer Payment Form - all pensions other than exceptions below"
Download this .pdf form named as: 45Z037_-_TRANSFER_PAYMENT_FORM_ALL_INDIVIDUAL_PRODUCTS_EXCEPT_UNASSIGNED_IPPS-_u4PeOjN.pdf
Fill in the form and send it to the SIPP provider or other pension scheme. I did this by completing, signing, scanning and sending as a .pdf.
So far, dealing with UTMOST since January has been quite painful. The tranferred pension from Equitable to UTMOST was supposed to be completed by 1st January, 2020, and held in cash for six months - without any interest ..!!
I became a bit nervous as February approached, and making enquiries, found that they were preparing to send documentation by early February, finally materialising on the 5th February. This was just a statement of the cash value of my With-Profits (R0251xxxx) policy, and confirmation that my 'Unit-Linked' (SERPS) policy was invested.
A few telephone calls in February and March finally produced th 'Tranfer Form', detailed above. Plus, I have a bin full of junk from them too..!
The situation at the moment is that I'm still waiting for the funds to be transferred to my SIPP, and yesterday I sent a 'Stroppy' email to them demanding that this be completed before the finacial year-end on Friday 3rd April - this Friday ..!! I've not heard anything back ..yet!
When they say they have a 10-15 day turnaround for any action, they actually mean 14-20 days if you count weekends. I expect those on a 3-day week, you'll be luck if you get 21-28 days ..!! The first phone call was to a very disinterested 'agent' who I think was chewing gum while doing her nails. Their mantra appears to be delay and obfuscation.
I'm really getting quite upset with them now. I'll write more if any news. I'm thinking of taking this up with the FCA and Pensions Ombudsman.
I may be able to let you how I'm doing, trying to transfer my 'With-Profits' Equitable Life cash to my newly opened SIPP with my stockbrokers.
If you are a 'With-Profts' policyhoder like me, who's pension fund has been transferred to UTMOST on the 1st January, and plan to transfer this to a SIPP for example, then you need to download the transfer form.
You can download the documents from their website here:
https://www.utmost.co.uk/pensions/manage-my-policy...
Scroll down to Claims, and click on the first item: "Transfer Payment Form - all pensions other than exceptions below"
Download this .pdf form named as: 45Z037_-_TRANSFER_PAYMENT_FORM_ALL_INDIVIDUAL_PRODUCTS_EXCEPT_UNASSIGNED_IPPS-_u4PeOjN.pdf
Fill in the form and send it to the SIPP provider or other pension scheme. I did this by completing, signing, scanning and sending as a .pdf.
So far, dealing with UTMOST since January has been quite painful. The tranferred pension from Equitable to UTMOST was supposed to be completed by 1st January, 2020, and held in cash for six months - without any interest ..!!
I became a bit nervous as February approached, and making enquiries, found that they were preparing to send documentation by early February, finally materialising on the 5th February. This was just a statement of the cash value of my With-Profits (R0251xxxx) policy, and confirmation that my 'Unit-Linked' (SERPS) policy was invested.
A few telephone calls in February and March finally produced th 'Tranfer Form', detailed above. Plus, I have a bin full of junk from them too..!
The situation at the moment is that I'm still waiting for the funds to be transferred to my SIPP, and yesterday I sent a 'Stroppy' email to them demanding that this be completed before the finacial year-end on Friday 3rd April - this Friday ..!! I've not heard anything back ..yet!
When they say they have a 10-15 day turnaround for any action, they actually mean 14-20 days if you count weekends. I expect those on a 3-day week, you'll be luck if you get 21-28 days ..!! The first phone call was to a very disinterested 'agent' who I think was chewing gum while doing her nails. Their mantra appears to be delay and obfuscation.
I'm really getting quite upset with them now. I'll write more if any news. I'm thinking of taking this up with the FCA and Pensions Ombudsman.
uk66fastback said:
Just checking in to this thread - sorry, didn't know it was here. Thanks to 55palfers for the link ...
I requested (by phone) the forms to withdraw the money - but they've not arrived yet. I think it was at about the start of March that I did that - they were saying it would take 10-15 days to send them - no idea why - they're just delaying tactics I'm sure.
On what basis was the uplift percentage decided - as it looks like people got different amounts? A friend of mine had an EL fund similar to mine (with profits) and also some annuity ones, can we also withdraw the annuity ones does anyone know?
I won't hold my breath on the forms to withdraw hitting the doormat. but then at the moment, the money is probably okay in a cash account - at least it hasn't taken the hit.
Do it the other way round. Get new provider to supply transfer request forms. Doubt utmost will insist their form is used.I requested (by phone) the forms to withdraw the money - but they've not arrived yet. I think it was at about the start of March that I did that - they were saying it would take 10-15 days to send them - no idea why - they're just delaying tactics I'm sure.
On what basis was the uplift percentage decided - as it looks like people got different amounts? A friend of mine had an EL fund similar to mine (with profits) and also some annuity ones, can we also withdraw the annuity ones does anyone know?
I won't hold my breath on the forms to withdraw hitting the doormat. but then at the moment, the money is probably okay in a cash account - at least it hasn't taken the hit.
I did both .. My stockbroker / SIPP provider has an on-line form to request a fund transfer - which I completed, and all was set in motion on the 17th March.
I thought I would also fill in the transfer form, which I was told on my last phone call with UTMOST, and send that by email to my SIPP provider / stockbroker on the 18th March.
I went the the Equitable EGM on 1st November, and was filled with confidence that this whole nightmare was nearing an end. There were representaives fron UTMOST there to answer questions too .. I'm now not so sure ..
I thought I would also fill in the transfer form, which I was told on my last phone call with UTMOST, and send that by email to my SIPP provider / stockbroker on the 18th March.
I went the the Equitable EGM on 1st November, and was filled with confidence that this whole nightmare was nearing an end. There were representaives fron UTMOST there to answer questions too .. I'm now not so sure ..
Update.
I am getting an existing pot to handle the transfer. It took them a week to get off their backsides after receipt of my form.
They contacted Utmost about 10 days ago requesting the transfer value.
Nothing heard since.
I appreciated Covid may be a spanner in the works.
At least the Utmost pot is cash......
I am getting an existing pot to handle the transfer. It took them a week to get off their backsides after receipt of my form.
They contacted Utmost about 10 days ago requesting the transfer value.
Nothing heard since.
I appreciated Covid may be a spanner in the works.
At least the Utmost pot is cash......
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