Transferring pension
Posted: May 19th, 2024, 7:28 pm
Folks
I have built up a substantial contribution pension through previous employment administered by pension company Barnett Waddingham (BW). I have now decided to transfer the funds from BW to my existing AJ Bell SIPP account - principally as BW does not do drawdown, the fund choice from AJBell is so much greater, and their fees so much less. Both myself and AJBell have completed BWs own specific transfer forms, I have completed yet another form basically saying I have done my research and understand the risks and I have also discussed with BWs staff. It has now been 5 weeks since the initial request and nothing has been done. They trot out some old pony about diligence - which I understand - but I get the impression BW are deliberately stalling - so they can claim the fees for as long as possible perhaps? Is this a reasonable supposition or am I being unfair? I previously transferred old pensions from Scottish Widows and Standard Life into AJ Bell. No problems at all and both took a matter of days. Any ideas how to get the transfer moving would be warmly welcome.
I have built up a substantial contribution pension through previous employment administered by pension company Barnett Waddingham (BW). I have now decided to transfer the funds from BW to my existing AJ Bell SIPP account - principally as BW does not do drawdown, the fund choice from AJBell is so much greater, and their fees so much less. Both myself and AJBell have completed BWs own specific transfer forms, I have completed yet another form basically saying I have done my research and understand the risks and I have also discussed with BWs staff. It has now been 5 weeks since the initial request and nothing has been done. They trot out some old pony about diligence - which I understand - but I get the impression BW are deliberately stalling - so they can claim the fees for as long as possible perhaps? Is this a reasonable supposition or am I being unfair? I previously transferred old pensions from Scottish Widows and Standard Life into AJ Bell. No problems at all and both took a matter of days. Any ideas how to get the transfer moving would be warmly welcome.