At last, it felt like ages, my personal pension has been successfully transferred and I now have everything in one place under a SIPP.
I was getting annoyed with the old company, they had sold on the business to someone else to manage and it would be run under the management style of the new company, which worried me.
I had seen new T&Cs appearing altering the way the account would be run and the funds were being transferred and altered to fit the new company style. The costs were going up for one thing and I didn’t like it so time to move.
So I completed all the paperwork and transferred it to the SIPP I have placed my old employer pension into. The fees are much lower and since I transferred by old employer pension it has been increasing nicely – even during this turmoil.
So I received my closing statement from my old company and I have been able to check the balance right up to closing and an email from my SIPP provider to say they had received the money and had invested it based on my instructions. So things are looking better. I have now setup a regular payment into this SIPP and will let this tick over. (Although I am not working, I can pay into a pension but it is capped under UK rules).
The closing statement was great and much better than my old employer pension company – they sent me NOTHING and I never got to see how much my funds actually sold for (other than working it out by looking at the transfer value) . I think they took money out of the final payment – thieves! As soon as they received my transfer request they locked me out of my online account and I was unable to see what my pension was worth or what its final transfer value was. disgusting customer service and behaviour!
Anyhow, I now have everything in one place and can now trace its growth and hopefully have a better idea of its potential total and annuity value in years to come.