I know i shouldn’t have had to, but they flagged my transfer as high risk. They did this because I filled out an additional form they sent me that wasn’t required during my paper-based application to transfer my pension away from WTW. I thought it easier to just do it, rather than fight it
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I had to go to Pensionwise for one of the transfers to my SIPP. Took ages and was all paper based - can’t remember which company that was that I was trying to transfer out of.
The one which should have caused a referral (given that I’d have lost tax free benefits by transferring) didn’t get referred, and it was only the due diligence of the company I was trying to transfer to that caused it to be spotted.
The whole system seems very archaic and very hit and miss in terms of proper advice and checks.
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Well Willis towers Watson have been on touch by email today with a very very long list of forms and paperwork that needs completing to transfer my pension away from them. Don’t get me wrong I appreciate the need for checking everything is legitimate but the way it has to be done all by post with wet signatures is just so slow!
Pensions are rarely fast mainly because they’ve never needed to be until recently. If you think that’s bad, I’m due quite a chunky payment which was supposed to be ready to transfer to me October last year but is unlikely to happen until after April next year!
Good luck, sir. I accidentally filled in a form that wasn’t technically required which triggered the Pension Wise process. Double check. Triple check. then leave WTW a crappy TrustPilot review. Quadruple check. Then pray it doesn’t get ‘lost’ in the post.
I filled out these forms with a wet signature first time round, then they told me it doesn’t have to be a wet signature. Can be a scanned version
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Thank you, spotted the 3 different pensions wise forms that you only need to complete in various different scenarios… Why couldn’t they combine it all into one!
Kind of determined to move away from them so I don’t have to put up with their bureaucracy!
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Agreed. Their whole business model is based on customer inertia to move… which also motivated me to make sure i completed the transfer out
How come Monzo aren’t sorting this for you? I have mine with PensionBee (SIPP) and the “beekeeper” support is hands down worth it for the zero admin alone.
They do it all and believe me some of the ones I’ve transferred (I moved a lot to step to where I got now) were horrendously slow and complicated.
I think that’s the big problem with this product, Monzo appear to treat the Pension itself as the product when in fact it’s the service which is the product in my books, given how legacy the pension world is.
Only house buying comes close to how archaic it is
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Monzo are sorting this for me but Willis towers Watson insist the forms needs completing by me and the new pension provider on the same form. Monzo had already been in touch with Willis towers Watson. Just had some really good Monzo service through in app chat with the pensions team so definitely not complaining.
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Can I import my SIPP?
I’ve decided not to use Monzo for pensions until they accept new contributions - is it possible to delete the invite?
Yes you can. When you follow the prompt to find your existing pensions you can choose to transfer a SIPP.
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Follow up to this… I had no issues. PensionBee took a while to transfer and then it took 6 or 7 business days after I got the email from PensionBee confirming the switch, before it showed up in Monzo. But the full amount was there, and now I just need to wait for my last company to catch up on their pension payments and I will request the switch for that too!
I wonder how many people pensionbee have lost to Monzo
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I’m still with Pensionbee. Not being able to continuously invest in a Monzo pension is pointless.
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I tried to transfer in this morning and now getting the not eligible message despite being eligible before.
Hopefully not many. Nowhere near the same product proposition.
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Ive moved my Nest pension over with minimal fuss.
Wait wait - you cannot invest in it?