taking money out of a pension
Discussion
Taking money out should be done within a month if you meet the legal criteria. From my experience, usually the delay is not with the source of the money but the poor administration by the financial adviser assuming one is involved as is likely. IFAs are keen to get the business but are often poor at process and their systems are often not compatible with what the source organisation needs. It's reasonable for the source to say something like "we won't pay until we have all the paperwork correctly completed" whereas the IFA often uses their forms that are not compatible and therefore not acceptable, whereupon the IFA "blames" the source organisation for the delay. It's no wonder the public has a poor perception of the industry. It's unfortunate maybe that the industry does not adopt standard forms throughout to avoid these problems that do them no favours at all.
If you think the delay is unreasonable, make a formal complaint, and if you wish contact the office of the Pensions Ombudsman for guidance and investigation. https://www.pensions-ombudsman.org.uk/ . Many people do so.
R.
If you think the delay is unreasonable, make a formal complaint, and if you wish contact the office of the Pensions Ombudsman for guidance and investigation. https://www.pensions-ombudsman.org.uk/ . Many people do so.
R.
Following on from my post above, The PASA has issued recently transfer principles guidance which includes the expectation for straightforward cases of a transfer from DB to DC to take no more than 9 working days once all relevant documents are received by the source paying the transfer. Still room for delays, methinks, but there is now guidance against which delays can be measured and challenged.
The guidelines also say that they will be useful in cases of complaint for delays that come before the office of the Pensions Ombudsman for investigation.
R.
The guidelines also say that they will be useful in cases of complaint for delays that come before the office of the Pensions Ombudsman for investigation.
R.
DSLiverpool said:
I’ve done this, I had 4 pensions and took 25% of each and combined the balance as 1 investment. Biggest shock was finding out a final salary pension is like winning the lottery!
https://henrytapper.com/2016/12/04/why-some-transf...Edited by Mazinbrum on Thursday 19th September 12:34
The Leaper said:
Taking money out should be done within a month if you meet the legal criteria. From my experience, usually the delay is not with the source of the money but the poor administration by the financial adviser assuming one is involved as is likely. IFAs are keen to get the business but are often poor at process and their systems are often not compatible with what the source organisation needs. It's reasonable for the source to say something like "we won't pay until we have all the paperwork correctly completed" whereas the IFA often uses their forms that are not compatible and therefore not acceptable, whereupon the IFA "blames" the source organisation for the delay. It's no wonder the public has a poor perception of the industry. It's unfortunate maybe that the industry does not adopt standard forms throughout to avoid these problems that do them no favours at all.
If you think the delay is unreasonable, make a formal complaint, and if you wish contact the office of the Pensions Ombudsman for guidance and investigation. https://www.pensions-ombudsman.org.uk/ . Many people do so.
R.
Should have made it clear I am moving my pension into land I own. It was not the 25% you are allowed to take tax free. If you think the delay is unreasonable, make a formal complaint, and if you wish contact the office of the Pensions Ombudsman for guidance and investigation. https://www.pensions-ombudsman.org.uk/ . Many people do so.
R.
I can use that land/money to make far more than my pension will generate.
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