Timeframes for pension withdrawals?

Nik Burrows

hi Mike
As I said in my e-mail to you ahead of your application, the process has been changed due to FCA regulatory changes and landed with very little notice, so the current process is lumpy and was implemented as best as it could be given the notice period. It will ultimately all be automated again
Cheers Nik

mikeiow

Okay.... Darrell has sent two forms:

Accessing Pension Benefits Advice Declaration
Points to Consider when taking benefits from your pension

She has managed to edit them (no easy feat with a pdf!) & sent them back

.... but a slight concern remains that his letter ended with "Once we have received this confirmation, we will issue you with a My Choice of Pension Benefit Form and a Points to Consider form."

....it feels like those are the two forms he sent her?!

Hopefully it can all proceed with no issues. It's a piffling amount really, but she does want to get the maximum she can for FY25-26!

mikeiow

Then Amy sent another email to request confirmation.
Now Ryan has sent another.
This starts to feel pretty obstructive!
THREE different people.
Good grief!
Christine has replied to Ryan, and asked him to confirm that there is nothing else needed....& that this should still complete within this tax year.
Fingers crossed!

Adam Kay

It sounds like they’re being thorough

PeterT

It sounds like they do not trust each other

mikeiow

It mildly concerns me, tbh. Left hand, right hand, task ownership etc.

I do appreciate Nik said the process was a bit “lumpy”, but it doesn’t fill us with confidence they will perform the transfer this FY 🫣

We remain hopeful!

mikeiow

Just to follow up….
Slightly odd that online the status has changed from “Approved” to “ Requested Information”….but on the 29th she had a message confirming they “have requested disinvestment and once the monies have been disinvested, we will pay the monies within 3-5 working days”.

Hopefully just a lag in messaging online, & hopefully payment will be received within the next few days, comfortably within this FY

mikeiow

Just to mention that with no monies received, MrsMikeIOW has send a follow-up email to Amy Ward, cc:d to @Nik-Burrows.

The process is VERY worrying: feels like Cobens are struggling to manage this task, which ought to be straightforward

Nik Burrows

Apologies Mike, the Quai/IM processing on this has been poor. I'll chase it up with them today

mikeiow

To wrap this up: BIG thanks to @Nik-Burrows for helping kick Quai/IM into sorting things, the task is complete

Note to selves - we will do our sums earlier next year to avoid stress, & hopefully the process will be slick with everyone having learned something!