Standard Life blocking transfers
amarshall
Member, Moderator
Has anyone experienced Standard Life refusing to transfer a personal pension into a SIPP with another provider?
We have a case at the moment which is being transferred to Liberty SIPP or rather, it isn't as Standard Life as refusing to do the transfer. Their Due Diligence department is investigating the transfer.
Previously they tried to stop two transfers into a SSAS with NM Perris but eventually this was permitted after the clients pay slips and other information were provided.
I cannot understand how or why they think they are entitled to do this.
Comments
I think it's because they think the receiving scheme are dodgy. If that's why they're doing it, I'd support this process. Don't forget this is a trust and the trustees of course have the right and responsibility to ensure what's happening with the client's money is legit.
For any other reason, I'd have no idea why.
We recently (last week) transferred a Standard Life SIPP to another large SIPP provider and it was done within days. So I think I'm with @arongunningham on this one, as the most plausible explanation.
Liberty will be bust within 2 years pretty much guaranteed. Those 500 claims recently submitted look like they will succeed. ALthough. surely Standard life should be looking through the provider and at the assets to be invested in if they have concerns?
Why are you using Liberty by the way? Is it for the £95 fee? If so, Curtis Banks do the same deal but seem to have a less unregulated stuff on their books.
http://citywire.co.uk/new-model-adviser/news/standard-life-blocks-24m-high-risk-pension-transfers/a1146865?ref=new-model-adviser-todays-news-list