Pension transfer experience was doubly disappointing

UK Monzo Chat
1

I recently used the Monzo/Raindrop pension transfer service and have to say I am really disappointed.

The main pull for me was that it advertises finding lost pensions and bringing them all under one roof. Huge, because I have lost track of my oldest pension from my 2nd job, year 2000.

During the process I told Monzo app about the two main pensions I already have access to and know about.

The process for transferring those two pensions was really cumbersome, in fact I had to do the process twice in the app because Monzo/Raindrop gave up before those providers sent them all of the details. The second time they did go through. But, no other searching or pensions were found.

So this was a huge waste of time for me as the thing that I was told would be done was not done.

Today I’ve filed more pension transfer from other jobs I can remember, but this is what I expected would happen automatically.

2

When I transferred a pension from Scottish Widows to Fidelity the experience was dreadful, I had chase them both. Fidelity explained that Scottish Widows didn’t participate in the industry system that was built to enable easy pension transfers, so was all paper driven, it took 3 months to do it in the end.

1 Like