Can confirm the post thing!! I just combined 4 pensions in to one… 3 were very easy and done within a week or two. One took nearly 9 months of haggling, back and forth, complaints raised, endless emails and phonecalls, printed documents, documents getting lost in the post. It was possibly the single worst customer experience I’ve ever received. Learnt a lot in the process… for my pensions the biggest difference was if they are part of/use Origo’s Transfer service or not
Both to be honest! I tried to sign up to register and it would not let me! But would also love to have access in the app if I can be approved?!
Hi Lewis. If you can’t see Pensions in the Monzo app right now it’s likely due to some of the eligibility criteria that we’ve launched with. We will be looking at adjusting this in future so keep checking back
Received my invite to sign up today!
I’m currently paying 0.7% fees annually with Pensionbee compared to 0.53% with Monzo given I’m a Max subscriber.
Is there anything else I should be looking at before considering transferring?
Alternatives
My reason for holding back (I’ve not been invited yet) is I can’t get my employer to pay into it. Solve that and I may consider it.
There is more to consider than just the fee.
This is something only a financial adviser could really explain in detail. I’m certainly not one of those and wouldn’t give someone pension advice online.
Personally, I’m all in on the S&P500 via Fidelity. It all comes down to risk appetite and your own personal circumstances. Pensions are tricky, the smallest mistake at a young age can cost you 10s of thousands when you reach retirement.
The Monzo offering does look very limited in comparison to other options. It’s certainly not a product I would consider.
I believe there is a free Pensions Advice Service?
Government guidance service: https://maps.org.uk/en#
I am having nothing but issues transferring my pension to Monzo and I’m really struggling to see the benefit.
My pension was again rejected due to a name mismatch yet both sides have confirmed they are using my full legal name on my account?
Two attempts and counting.
Not sure if this is something you could help with @DaniShipp?
You can pay around 0.11% at vanguard
You pay even less if you get the Vanguard funds via T212.
I feel stupid for not checking this - but when will be able to add money to the pensions we’ve transferred to Monzo? That feels like a pretty basic requirement, doesn’t it?
I’ve just hit to button to make a transfer and… it doesn’t exist.
What’s the timeline, please? Anyone know?
This is Monzo. They consistently ship unfinished and broken products and only finish and fix them whenever they can be bothered, which sometimes is never.
So the timeline is anywhere from soon™️ to never.
This is all Monzo have said about it so far:
Yes, and it could be really expensive for people who stop making pension contributions whilst they’re waiting for this facility to be added.
Its ridiculous you can’t add to it from launch . Won’t even entertain opening one till you can
Could be quite a wait as they’d need to sort out systems to do the tax reclaim from HMRC and related tax statements.
Has anyone managed to successfully move their pension to Monzo?
I’ve had countless issues it’s been rejected three times now. Monzo support assured me they would be in touch if the third attempt failed… almost a month later I reached out to my old provider who said they rejected it the day Monzo said they’d keep me updated with it.
Beyond a joke now shouldn’t be this hard to give your bank more money should it?
Both Monzo and my old provider have said that the transfer has been rejected due to my name not matching but both parties are saying they have my name exactly the same?
I’m currently transferring across a very small amount, to get a feeling for it etc.
Been a month and still waiting but they did say it can take 12 weeks, so I just wait and see.
I’m still waiting for the option to set up my Monzo pension to become available. Though if they’re seeing issues like you describe it makes sense to stagger and wait before opening it up to more people.
Your situation sounds reminded me very much of when I had a civil service pension that I couldn’t access from the online account because I couldn’t register. Civil service pensions were adamant my date of birth was incorrect and only my HR department could inform them to correct it by sending their monthly update through. Despite it being correct in the HR system civil service pensions kept saying what they had was different. No joke it took 6 months to sort out to the point where I had to get the person responsible for the relationship with civil service pensions and the government department to contact them to tell them clearly sonething had gone awry and to manually intervene.
Gosh that sounds like a fun process I am hoping this doesn’t take 6months to resolve.
What baffles me is the countless conversations I’ve had with Monzo about this via their support (and we all know how easy that is) to get this resolved and the reassurances that it was all going smoothly… only to find out the final attempt was rejected over a month ago and my app still says everything is transferring as normal.
I’d leave your pension where it is